• Wednesday, May 29, 2024

Business

Chandrayaan success propels Ramesh Kunhikannan to billionaire status

Ramesh Kunhikannan

Pramod ThomasBy: Pramod Thomas

The founder and CEO of Kaynes Technology, based in Mysore, India, has made his debut on the Forbes billionaire list this week.

Ramesh Kunhikannan’s ascent to this financial pinnacle, with a net worth totaling $1.2 billion, is attributed to his company’s pivotal role in India’s Chandrayaan-3 mission.

Under the Chandrayaan-3 mission, India made history last year by successfully landing a spacecraft near the unexplored lunar south pole.

Kaynes Technology played a crucial role in the Chandrayaan-3 mission, supplying the electrical systems that powered the mission’s lander and rover.

Following the mission’s successful completion, the company witnessed a surge in its stock value, which had already tripled since its launch on the Bombay Stock Exchange in November 2022, with an additional 40 per cent gain.

According to reports, Kunhikannan’s majority ownership of 64 per cent in Kaynes significantly contributed to his net worth, which soared to approximately $1.1bn following the lunar mission’s success.

Kunhikannan, 60, a graduate of the National Institute of Engineering in Mysore, founded Kaynes Technology as a contract electronics manufacturer in 1988. He has over three decades of experience in electronic manufacturing services industry.

His spouse, Savitha Ramesh, later joined the business in 1996 and currently serves as the chairperson.

Kaynes Technology’s printed circuit board assembly business contributes more than half of its annual revenue, which amounts to $137 million.

The company provides electronic systems and design services to various industries, including automotive, aerospace, medical, and defense, with its products utilized in electronic controls ranging from electric vehicles to ventilators and railway signals.

Chandrayaan-3, launched on 14 July 2023, aimed to demonstrate India’s capability in safe lunar landing and roving, particularly targeting areas devoid of sunlight for billions of years.

As many as 200 Indians were listed on Forbes’ list of the World’s Billionaires for 2024, up from 169 last year.

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