India, April 8 -- About a year after it announced plans to set up a new subsidiary to foray into the semiconductor space, engineering services provider Cyient announced the official launch of Cyient Semiconductors today.

In an interview with CNBC-TV18, the Hyderabad-based tech company's MD and executive director Krishna Bodanapu said that the company's board has approved an investment of $100 Mn (a little over INR 860 Cr) in the subsidiary. Besides, the company has also received the board's nod to seek external investments required during the course of business.

The new subsidiary will focus on scaling application-specific integrated (ASIC) turnkey solutions for Cyient's customers.

As per the company's filing with the BSE, Cyient Semic...