KARNATAKA, INDIA – Kaynes Technology has signed an agreement with the Indian state of Karnataka in which the state government will invest Rs 3,750 crore ($435.9 million) for two Kaynes subsidiaries to set up a PCB manufacturing plant and a semiconductor assembly and testing (OSAT) facility.

In a BSE stock exchange filing, Kaynes said Kaynes Semicon Private Limited will lead the setup of the OSAT facility and Kaynes Circuits India Private Limited will spearhead the establishment of a PCB manufacturing plant for producing complex multi-layered boards.

The investment agreement is meant to help in creating 3,200 jobs in Karnakata by harnessing collective expertise, meet pressing demands, and make Karnataka a hub for cutting-edge semiconductor manufacturing.