Kaynes Technology India’s wholly owned subsidiary -- Kaynes Semicon has signed a binding Technology Provision Agreement (TPA) with ISO Technology Sdn. Bhd. (ISO). ISO is a wholly owned subsidiary of Globetronics Technology Bhd (GTB) and has carried out OSAT Business since 1994 in Malaysia.
Kaynes Semicon, incorporated on May 15, 2023, intends to set up outsourced semiconductor assembly and testing business (OSAT Business) in India. The TPA has been executed between Kaynes Semicon and ISO for the provision of certain services by ISO to Kaynes Semicon in respect of the OSAT Business of Kaynes Semicon.
The TPA provides for a payment of up to $75,90,000 by Kaynes Semicon to ISO depending on the conditionalities set out under the TPA. A portion of these proceeds may be invested by ISO into the securities of Kaynes Semicon, subject to the completion of milestones as provided for under the TPA and execution of appropriate agreements between KTIL, Kaynes Semicon and ISO, which will have customary provisions in relation to such investment.
Kaynes Technology India (KTIL) is an end-to-end and IoT solutions enabled integrated electronics manufacturing player, having capabilities across the entire spectrum of electronics system design and manufacturing (ESDM) services.
