Kaynes Technology India Limited announced that the Board of Directors ('Board') of the Company in their meeting held on May 22, 2024 approved the proposal to promote and incorporate a wholly owned subsidiary ('WoS') in the name and style of 'Kaynes Holding Pte. Ltd' or any other name as may be available and approved by the concerned authorities, under the Laws of the Republic of Singapore. Further, the Board has given its approval to invest an amount aggregating upto USD 5,750,000 into the said WoS, either by way of initial subscription to the memorandum of association of the wholly-owned subsidiary or as subsequent follow-on investment.

Additionally, the main object of the proposed WoS is to expand the business presence, including but not limited to, in the field of electronics system design and manufacturing, and also to facilitate/undertake few strategic investments/acquisitions.