Kaynes Technology India Ltd confirmed that the Union Cabinet approved their wholly-owned subsidiary Kaynes Semicons proposal to set up a semiconductor unit in Gujarat with an investment of Rs 3,307 crore and a production capacity of 60 lakh chips per day, which was first reported by media on September 2, 2024; they clarified that they had not received formal approval beforehand. They also stated the news regarding their awareness of the approval was incorrect as they were informed through media release, not from the Ministry directly.