Kaynes Semicon executes fiscal support agreement and all other transaction documents

Kaynes Semicon Pvt Ltd, a wholly-owned subsidiary of Kaynes Technology India Ltd, announced the execution of its Fiscal Support Agreement and all other Transaction Documents with the India Semiconductor Mission (ISM), Government of India, under the policy framework established to develop semiconductor manufacturing capability in the country.

The signing of the Fiscal Support Agreement and all other Transaction Documents Required marks an important procedural milestone in the implementation of eligible fiscal support as notified under the scheme guidelines, and is a reflection of the Government of India’s sustained commitment to the success of the India 
Semiconductor Mission. 

For Kaynes Semicon, this underscores our resolve to operate with the highest levels of governance, transparency and compliance as we scale our semiconductor initiatives. We are deeply committed to playing a leadership role — both in execution and in shaping India’s semiconductor manufacturing capability — in alignment with the country’s long-term strategic objectives.

Amitesh Kumar Sinha, CEO, ISM, added: “The execution of the Fiscal Support Agreement and other Transaction Documents mark an important milestone for the project, and we look forward to continued progress in line with the Mission’s objectives.”

Commenting on the development, Raghu Panicker, CEO, Kaynes Semicon, said: “Execution of all these documents along with Fiscal Support Agreement and all other Transaction Documents Required is an important step forward for Kaynes Semicon as we progress on our semiconductor manufacturing journey. 

"We remain grateful to the Government of India, India Semiconductor Mission and Government of Gujarat for their continued support in this journey. We are committed to building a globally competitive semiconductor ecosystem from India with a clear focus on operational excellence and robust compliance.”

Ramesh Kannan, Executive Vice Chairman, Kaynes Technology India Ltd, added: “Semiconductors are foundational to India’s digital and manufacturing ambitions, and this milestone reinforces our strategic commitment to play a meaningful role in this sector through Kaynes Semicon. We appreciate the structured governance framework established by the India Semiconductor Mission and remain focused on long-term value creation for all stakeholders.”

Ashok Chandak, President, IESA, said: “Kaynes Semicon, an IESA member, has demonstrated how strong industry capability combined with decisive government action can accelerate India’s semiconductor journey. We commend ISM and MeitY for their timely approvals and structured execution framework, which are building confidence across the ecosystem."