 "Chandrayaan-3 linked Kaynes Tech's founder joins Forbes' billionaires list")
The Forbes’ World’s Billionaires list of 2024, released on Tuesday, featured as many as 25 fresh Indian names, including Ramesh Kunhikannan, the founder of Kaynes Technology who boasts a net worth of $1.2 billion.
Kunhikannan’s wealth soared following his company’s key contribution to the Chandrayaan-3 mission, which made India the first country to land near the Moon’s south pole in August 2023. Kaynes Tech supplied electronic systems for the landmark mission to power its rover and lander.
Kunhikannan became a billionaire in November 2023, three months after the mission took place.
Kaynes Tech was founded in 1989
An electrical engineer himself, Kunhikannan founded the electronics manufacturer in 1989 and took it public in November 2022. The shares of the company have given a return of about 234 per cent since its debut.
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The company assembles printed circuit boards and has eight factories in India.
Kaynes supplies to 350 clients across the globe in the auto, aerospace and medical industries, Forbes said.
Kunhikannan owns a substantial 64 per cent stake in the Mysore-headquartered company. His wife Savitha Ramesh is chairman of the board.
Who else is among richest Indians?
Other than Kunhikannan, Medanta owner Naresh Trehan, Renuka Jagtiani, who oversees Middle East retailing giant Landmark Group, Keshub Mahindra, chairman emeritus of Mahindra & Mahindra, Ashwin Dani of Asian Paints were the other Indians to debut on the list.
Reliance Chairman Mukesh Ambani continued to be on the top as the richest Indian on the list, boasting a staggering wealth of $116 billion.