Kaynes Semicon呼吁外资在印度合资产封装材料，圣安得OSAT厂开始贡献商业收入

Kaynes Semicon, the chip packaging arm of Indian electronics maker Kaynes Technology, is calling for foreign semiconductor companies to form joint ventures in India, as its executives point to India's lack of expertise in key packaging materials just as output at its first plant begins to scale.

CEO Raghu Panicker told Nikkei Asia that India needs greater involvement from foreign chip firms, in particular makers of the copper and gold alloys used in lead frames and bonding wires. The company is targeting INR3 billion (US$30.94 million) in revenue in the fiscal year ending March 2027.
From pilot line to commercial revenue
Kaynes Technology, a Mysuru-based electronics manufacturing services (EMS) company, won government approval in September 2024 to build an outsourced semiconductor assembly and test (OSAT) unit in Sanand, Gujarat. The INR33.07 billion project is funded by the central government (INR16.535 billion), the Gujarat government (INR6.614 billion), and Kaynes (INR9.921 billion), according to The Economic Times .
Pilot production began in April 2025. In October that year, Kaynes shipped 900 IPM5 intelligent power modules, each integrating 17 dies, to US-based Alpha & Omega Semiconductor (AOS), in what ETManufacturing described as India's first commercially produced multi-chip module. Under the supply agreement, Kaynes will deliver 10 million chips annually to AOS for five years. "Together with Alpha & Omega Semiconductor and Mitsui, we are establishing India as a trusted node in the global semiconductor supply chain," Panicker said at the time.
Neil Shah, partner and technology analyst at Counterpoint Research, told The Economic Times that Kaynes had leaped straight into complex, high-integration modules rather than starting with basic packaging, but said maintaining consistent yields, quality, and efficiency as production scales would be the key challenge.
India's Prime Minister Narendra Modi inaugurated the plant on March 31, 2026, making it the second approved semiconductor project to begin production after Micron Technology's. Panicker told Nikkei the company took eight months from acquiring land to hiring workers. The 15,000-square-meter plant is designed to produce 2.3 billion units annually.
The ramp-up has run behind earlier targets. The Economic Times reported in October 2025 that full-scale mass production was expected by January 2026; Nikkei reported that the plant started booking commercial-scale revenue only in the current quarter. On its August earnings call, Kaynes Technology cited "minor timing slippage" in its OSAT schedule after the escalation in West Asia disrupted equipment imports and component logistics.
Filling the materials gap
Kaynes Semicon general manager Hernanie Torres said at India's Semicon event in September that materials such as lead frames, molding compounds, and bonding wires make up 2% to 15% of manufacturing cost for a company like Kaynes, and that an Indian supplier could take up to 18 months to qualify with customers, according to Nikkei .
Kaynes also works with Japan's Mitsui & Co. On the earnings call, management called the partnership between Mitsui and Kaynes Semicon a major milestone that gives the unit "the opportunity to access the significant market opportunity in Japan." The company said it had received a government subsidy of INR1.7 billion for the OSAT business through July 2026.
Kaynes Semicon is also in advanced talks with global technology companies on partnerships in wafer fabrication and semiconductor materials, and planned to seek subsidies under the INR1.28 trillion India Semiconductor Mission 2.0, which the Cabinet cleared on July 15, 2026, DQ India reported.
Power chips and the states
The company is targeting automotive and industrial customers, including makers of air conditioners and smart fans, and is investing in power semiconductor products used in inverters and windmills. Panicker said Kaynes is weighing opportunities under the second phase of India's semiconductor mission and is in talks with three state governments.