Cyient Earmarks $100 Mn For Semicon Biz

Mumbai: Domestic technology company Cyient has earmarked a $100 million investment for its newly carved out semiconductor business, a top official said on Tuesday.

The Hyderabad-headquartered company is also looking at raising capital from an external investor by September and is in the process of appointing merchant bankers for the same, officials said.

Without quantifying the amount that it is targeting to raise, its Executive Vice Chairman and Managing Director Krishna Bodanapu said the money will be deployed for the talent-intensive research and development efforts.

Bodanapu said that the board has already committed $100 million for the new venture and it will also be looking to raise more resources from external investors.