One layer down

Every one of the five is now spending to make something it used to buy. Kaynes, Syrma and Amber are building plants for bare circuit boards — Kaynes alongside a chip-packaging plant, Amber two of them, one with Korea Circuit. Dixon is installing machinery in a display plant and taking camera modules from 70 million a year to 180–190 million. PG Electroplast starts making air-conditioner compressors this year.

The reason given is scarcity. Kaynes said bare-board prices have gone up three times. PG Electroplast said compressor imports are now capped at a quarter of FY25’s level, and stop altogether after March 2027.

“PCB is one component where it is getting into the global shortage at this point of time. The suppliers are demanding that we need to pay advance, and it takes about 6 to 8 months even for order booking.” N. Muthukumar, Managing Director · Kaynes Technology · 8 August 2026

The government is paying for the move. Amber said three of its projects — ₹3,200 crore at Jewar, ₹1,000 crore at Hosur and ₹500 crore at Shogini in Pune — have been approved under the component scheme, ECMS. Dixon’s camera-module company is already a beneficiary. Assembly made these companies; the parts are where they are spending now.