Ramesh Kunhikannan's net worth now stands at approximately $1.1 billion.
Chandrayaan-3 made a successful landing on the Moon's surface on August 23, making India the first country to land a rover near the south pole of the Moon. At the forefront of this mission is 60-year-old Ramesh Kunhikannan, an electrical engineer and the founder of Kaynes Technology India (KTI) in Mysore, who is now a billionaire thanks to India's space triumph.
Forbes reports that Mr Kunhikannan played a pivotal role in the mission by supplying electronic systems that powered both the Chandrayaan-3 rover and the lander. Following the mission's success, KTI experienced a surge in its shares, already having tripled in value since its debut on the Bombay Stock Exchange in November 2022. The company's shares gained an additional 40 per cent after its integral role in the lunar mission was made public.
Ramesh Kunhikannan's net worth
Ramesh Kunhikannan's net worth now stands at approximately $1.1 billion, attributed to his substantial 64 per cent stake in KTI. The company, generating over half of its $137 million annual revenue from manufacturing printed circuit board assemblies, is a key player in providing electronic systems and design services to various industries, including automotive, aerospace, medical, and defence.
Mr Kunhikannan, a graduate of More's National Institute of Engineering, founded KTI in 1988 as a contract manufacturer of electronics. Over the years, the company has thrived under the leadership of Mr Kunhikannan and 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 highlights KTI's significant growth, attributing much of its success to the Indian government's "Make in India" program, designed to bolster local manufacturing. The company'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. In the first six months until September, the company reported a 39 per cent increase in revenue, reaching $78 million, with a net profit of $7 million. KTI is poised for continued growth, with expectations to achieve a remarkable revenue of around $208 million in the fiscal year ending March 2024.