News Karnataka
Tuesday, February 20 2024
Mysuru

Mysuru Entrepreneur Becomes Billionaire Following Chandrayaan-3 Success

In an incredible turn of events, Mysuru native Ramesh Kunhikannan, 60, has become a billionaire after his business was crucial to the accomplishment of India's Chandrayaan-3 mission.
Photo Credit : Depositphotos.com

In a remarkable turn of events, 60-year-old Ramesh Kunhikannan from Mysuru has become a billionaire after his company played a pivotal role in the success of India’s Chandrayaan-3 mission. The shares of Kunhikannan’s company, Kaynes Technology India, experienced a surge after its involvement in the lunar mission was disclosed, propelling him into the billionaire club.

Chandrayaan-3 Success and Share Surge

Chandrayaan-3’s successful landing near the moon’s south pole elevated India to the status of the fourth country to achieve such a milestone. Ramesh Kunhikannan, an electrical engineer and the founder of Kaynes Technology India, contributed electronic systems crucial to powering the Chandrayaan-3 rover and lander. Following the public acknowledgment of Kaynes’s role in the mission, the company’s shares, which had already tripled since its debut on the Bombay Stock Exchange in November 2022, rose by an additional 40 percent. This surge in stock value resulted in Kunhikannan’s net worth reaching approximately $1.1 billion, attributed to his 64 percent stake in the company.

Kaynes Technology India’s Contributions and Success

Kaynes Technology India, founded by Kunhikannan in 1988 as a contract manufacturer of electronics, has emerged as a key player in the industry. The company specializes in manufacturing printed circuit board assemblies and provides electronic systems and design services to diverse sectors, including automotive, aerospace, medical, and defense industries. Kaynes’s products find applications in electronic controls for electric vehicles, ventilators, and railway signals.

“Make in India” Program Boost

The success of Kaynes Technology India can be partially attributed to the Indian government’s “Make in India” program, aimed at promoting local manufacturing. Ramesh Kunhikannan, a graduate of Mysuru’s National Institute of Engineering, founded the company, and his wife, Savitha Ramesh, joined in 1996 and currently serves as the company’s chairperson.

Financial Growth and Projections

The company’s annual revenue, exceeding $137 million, is fueled by its contributions to various industries. Revenue has nearly tripled from $49 million in the fiscal year 2020, with net profit experiencing a tenfold increase to $11.4 million in the fiscal year ending March. Notably, revenue for the first six months of the current fiscal year witnessed a 39 percent increase, reaching $78 million, with a net profit of $7 million. Kaynes Technology India anticipates its revenue to reach approximately $208 million by the end of the fiscal year in March 2024.

Ramesh Kunhikannan’s journey from an electrical engineer and entrepreneur to a billionaire showcases the intersection of technological innovation, business acumen, and significant contributions to India’s space exploration endeavors. Kaynes Technology India’s success story, fueled by its role in Chandrayaan-3 and its diversified electronic solutions, exemplifies the positive outcomes of local manufacturing initiatives and the growth potential in India’s technology sector.

Read More:
  1. Chandrayaan-3’s sulphur measurements open doors for lunar science

  2. Chandrayaan-3 lander, rover set to ‘wake up’ from ‘sleep’ on moon

  3. Chandrayaan-3: PM Modi to visit Bengaluru to congratulate ISRO scientists on Aug 26

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