Engineering solutions company Cyient is setting up a subsidiary for its semiconductor business.

“This strategic initiative will enhance our capabilities in Application Specific Integrated Circuit (ASIC) turnkey design and manufacturing,” Executive Vice Chairman and MD Krishna Bodanapu said.

The global semiconductor market is expected to hit a trillion dollars by 2030 and the Indian Electronics and Semiconductor Association (IESA) had forecast the industry’s growth to $100 billion by 2030. “We are well-positioned to capitalise on the vast opportunities for growth and influence in this evolving market,” he said in a release.

“Cyient’s credentials in the semiconductor electronics sector through Cyient DET and Cyient DLM have enabled it to set-up this subsidiary to drive a dedicated focus on turnkey ASIC design and chip sales through a fabless model for analog mixed-signal chips. This subsidiary ushers a new avenue of possibilities for Cyient...” he said.

The subsidiary, being incorporated to acquire the integrated semiconductor technology business of Cyient, will deliver world-class specialised turnkey ASIC design and chips sales under focused and capable leadership, adapting to market cycles and more effectively addressing this industry’s technology and capital requirements, the company said. On Friday, Cyient shares closed 3.41% higher at ₹1,836.30 apiece on the BSE.