Mumbai (Maharashtra) [India], April 8 (ANI): Engineering and technology company Cyient has set up a fully-owned semiconductor subsidiary, Cyient Semiconductors, to innovate and excel across the global semiconductor landscape.

By carrying forward Cyient's expertise in semiconductor design, Cyient Semiconductors will focus on scaling Application-Specific Integrated Circuit (ASIC) turnkey solutions for customers, the company said in a statement Tuesday.

For more than 25+ years, Cyient has been delivering comprehensive ASIC turnkey solutions and semiconductor design services across industrial, data center applications, automotive, and medical.

Driven by strategic organic and inorganic growth, Cyient Semiconductors has teams across India, the US, Germany, Belgium, the Netherlands, and Taiwan.

'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,' said Krishna Bodanapu, Executive Vice Chairman and Managing Director, Cyient.

'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,' said Krishna Bodanapu.

The company has appointed Suman Narayan as the CEO of Cyient Semiconductors.

The semiconductor market is valued at approximately USD 600 billion and is projected to reach USD 2 trillion by 2032.

Cyient believes that the new subsidiary will tap into this high-growth opportunity, focusing on developing fabless semiconductor solutions while addressing the increasing demand for specialized semiconductor expertise.

'India is on the cusp of a semiconductor revolution, and Cyient is well-positioned to be at the forefront of this transformation,' said Suman Narayan, CEO of Cyient Semiconductors.

'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,' he added. (ANI)