India’s successful Chandrayaan-3 lunar mission has not only marked a historic achievement for the nation but has also propelled Ramesh Kunhikannan, the 60-year-old electrical engineer and founder of Kaynes Technology India (KTI), into the billionaire club.
Forbes reports that Kunhikannan played a pivotal role in the mission by supplying electronic systems crucial for both the Chandrayaan-3 rover and the lander. Following the mission’s triumph, KTI experienced a remarkable surge in its shares, which had already tripled in value since debuting on the Bombay Stock Exchange in November 2022. The revelation of KTI’s integral contribution further boosted the company’s shares by an additional 40 percent.
Kunhikannan’s net worth has now soared to approximately $1.1 billion, attributed to his significant 64 percent stake in KTI. The company, generating over half of its $137 million annual revenue from manufacturing printed circuit board assemblies, stands out as a key player in providing electronic systems and design services across various industries, including automotive, aerospace, medical, and defense.
Founded in 1988 as a contract manufacturer of electronics, KTI has thrived under Kunhikannan’s leadership. The company’s success story has been further shaped by his wife, Savitha Ramesh, who joined the venture in 1996 and now serves as the company’s chairperson. KTI’s products find applications in diverse sectors, from electronic controls in electric vehicles to ventilators and railway signals.
The Forbes report underscores KTI’s substantial growth, attributing much of its success to the Indian government’s “Make in India” program, aimed at bolstering local manufacturing. KTI’s annual revenue has experienced an impressive threefold increase from $49 million in the financial year 2020. Simultaneously, net profit surged tenfold, reaching $11.4 million in the fiscal year ending March. With a 39 percent increase in revenue and a net profit of $7 million reported in the first six months until September, KTI is poised for continued growth. Expectations for the fiscal year ending March 2024 forecast a remarkable revenue of around $208 million.
The lunar triumph not only etches India’s name in history but also propels individuals like Ramesh Kunhikannan to new heights in the realm of technology and entrepreneurship.
