Ramesh Kunhikannan: The Electrical Engineer Who Became A Billionaire After Supplying Parts To Chandraayan-3 (Image: ISRO)
On August 23, India”s Chandrayaan-3’s lander module made a historic landing near the moon”s south pole. With this achievement, India became the fourth country to successfully land on the moon. In this achievement, a Mysore-based electronics manufacturer also played a vital role. Kaynes Technology India, founded by 60-year-old Ramesh Kunhikannan, provided the electronic systems that were used to power both the rover and the lander during the lunar mission.
According to Forbes, the shares of Kaynes Technology surged 40 percent after its role in the moon mission became public. It is worth mentioning that the shares of the Mysore-based electronics manufacturer have already tripled since its debut on the Bombay Stock Exchange in November 2022. As a result, founder Ramesh Kunhikannan became a billionaire, and as per Forbes, his current estimated net worth is $1.1 billion. This is mainly derived from his 64 percent stake in Kaynes Technology.
The company earns more than half of its $137 million annual revenue from manufacturing printed circuit board assemblies, reported Forbes. Kaynes Technology supplies electronic systems and design services to various industries. This includes the automotive, aerospace, medical, and defense sectors. The products of the company are used to power electronic controls in electric vehicles and are even used in railway signaling systems.
Ramesh Kunhikannan, a graduate of Mysore”s National Institute of Engineering, founded the company in 1988. According to Forbes, Ramesh Kunhikannan”s wife, Savitha Ramesh, joined the company in 1996, and she is currently the chairperson of the company. Kaynes Technology benefited mainly from the “Make in India” programme. It was a significant scheme launched by Prime Minister Narendra Modi in 2014. The main aim of “Make in India” is to boost the domestic manufacturing sector. India’s homegrown manufacturers also benefited when global firms diversified their supply chains with a China-plus-one strategy.
Forbes also reported that Kaynes Technology is working on expansion plans. In October, the company announced that it would be investing $340 million to develop a semiconductor assembly and test unit in Hyderabad. As part of this, Kaynes Technology has acquired 46 acres of land in Hyderabad and is expected to begin production in 18 months. Forbes also reported, citing consulting firm Frost & Sullivan, that India”s electronics system design and manufacturing (ESDM) market is projected to grow four-fold to $73 billion by 2027. Kaynes Technology, strategically positioned with nine factories, is confident in India’s fast-rising ESDM market.
