Cyient Limited — JV/Acquisition, 24-10-2024: Acquisition

Cyient Ltd. has acquired a 27.3% stake in Azimuth AI, Inc., a U.S.-based semiconductor firm specializing in ASICs for edge computing, for USD 7.25 million in cash. This strategic investment enhances Cyient's capabilities in the semiconductor sector and strengthens its position in the growing Indian market. The acquisition is expected to be completed by November 30, 2024. Azimuth AI, founded in 2023, is projected to have a turnover of USD 2.7 million in CY25.