Meet Ramesh Kunhikannan, The 60-Year-Old Chandrayaan-3 Parts Supplier Who Hit Billionaire Status

2023-11-24 04:00:35

(MENAFN- AsiaNet News) In the wake of Chandrayaan-3's historic lunar landing on August 23, the spotlight falls on 60-year-old Ramesh Kunhikannan, the electrical engineer and founder of Kaynes technology India (KTI) in Mysore. His instrumental role in supplying electronic systems for the lunar mission has propelled him to billionaire status, marking a significant leap in India's space conquest.

Kunhikannan's firm, KTI, took center stage in the lunar mission by providing critical electronic components powering both the Chandrayaan-3 rover and lander. The success not only elevated KTI's status but also surged its shares, tripling in value since its introduction to the Bombay Stock Exchange in 2022. Following the revelation of its role in the lunar triumph, the company's shares soared by an additional 40 percent.

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With an estimated net worth of $1.1 billion, Kunhikannan's wealth primarily stems from his substantial 64 percent stake in KTI. The company, generating more than half of its $137 million annual revenue from manufacturing printed circuit board assemblies, serves diverse sectors like automotive, aerospace, medical, and defense.

Founded in 1988 by Kunhikannan, KTI started as an electronics contract manufacturer and flourished under his leadership, alongside his wife Savitha Ramesh, now the company's chairperson. Their venture, thriving on local manufacturing initiatives like the "Make in India" program, witnessed remarkable growth. KTI's revenue soared threefold from $49 million in 2020, with net profits increasing tenfold to $11.4 million by March.

The company's stellar performance continues, showing a 39 percent revenue surge, hitting $78 million in the first six months of the current fiscal year. Projections foresee KTI's revenue soaring to approximately $208 million by March 2024, marking continued strides in India's manufacturing landscape.

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