Indian engineering and technology services company Cyient has established a wholly owned subsidiary, Cyient Semiconductors.
The subsidiary has been launched with an investment of approximately Rs8.62bn ($100m), The Times of India reported.
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In conjunction with the launch, Cyient appointed Suman Narayan as the CEO of the newly formed entity.
The semiconductor business will focus on scaling application-specific integrated circuit (ASIC) turnkey solutions for its customers.
Narayan said: “India is on the cusp of a semiconductor revolution, and Cyient is well-positioned to be at the forefront of this transformation.
“With our deep domain expertise, we will continue to empower global and domestic clients with high-value solutions. We firmly believe that the new semiconductor subsidiary will drive next-generation innovations meeting the requirements of our customers.”
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By GlobalDataCyient said: “This strategic move strengthens the company’s commitment to innovation and excellence across the global semiconductor landscape.”
Driven by strategic organic and inorganic growth, the new subsidiary has already built teams across several regions, including India, the US, Germany, Belgium, the Netherlands, and Taiwan.
Cyient executive vice-chairman and managing director Krishna Bodanapu said: “Our vision is to align Cyient’s semiconductor capabilities with the national agenda set by the Ministry of Electronics and Information Technology, aiming to build a robust semiconductor ecosystem in India.
“With the growing demand for high-performance semiconductor solutions, Cyient Semiconductors will play a crucial role in providing end-to-end ASIC turnkey and IC design services, supporting India’s journey toward self-reliance in the semiconductor ecosystem.”
Cyient Semiconductors aims to operate in the fabless semiconductor space, capitalising on the growing demand for specialised semiconductor expertise, the company added.
The company noted that the global semiconductor market, which is currently valued at around $600bn, is projected to reach $2trn by 2032.
