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Engineering and technology solutions provider Cyient has earmarked $100 million investment for wholly owned subsidiary Cyient Semiconductors it has launched to capitalise on the high-growth opportunity in the semiconductor market, focus on developing fabless semiconductor solutions and address rising demand for specialised semiconductor expertise.
Cyient has secured board approval for the investment. It plans to raise resources from external investors too and is in the process of appointing merchant bankers for the same, Executive Vice Chairman and MD Krishna Bodanapu told media in Mumbai on Tuesday.
Without specifying the amount it intends to raise, he said the money will be deployed for talent-intensive research and development efforts. The company is targeting at offering customised silicon chip solutions to a variety of industries, both globally and domestically, including electric vehicles and discoms, which need smart meters, he said.
The subsidiary will carry forward Cyient’s expertise in semiconductor design and focus on scaling Application-Specific Integrated Circuit turnkey solutions. The semiconductor market is valued around $600 billion and projected to touch $2 trillion by 2032, Cyient said in a release announcing launch of the arm.
In another announcement, it said Suman Narayan has been appointed as Cyient Semiconductors CEO. He has a track record of managing large organisations, scaling semiconductor businesses and driving digital transformation.
(With PTI inputs)
Published – April 08, 2025 09:06 pm IST
