LIC-Backed Defence Tech Company Partners with Allegro MicroSystems to Drive Innovation in Automotive Magnetic Sensors and Power Semiconductors
The company’s shares have delivered an impressive return of over 120 per cent in the past 2 years.
This Small-Cap defence tech company is a global leader in intelligent engineering solutions, has expanded its partnership with Allegro MicroSystems, Inc. (Nasdaq: ALGM), a global powerhouse in power and sensing solutions, by inaugurating a state-of-the-art Center of Excellence (CoE) at company’s Manikonda Campus in Hyderabad. This facility is poised to spearhead the development of next-generation magnetic sensors and power semiconductor products, addressing critical needs in the automotive sector.
The CoE was inaugurated by Allegro MicroSystems President & CEO Vineet Nargolwala, alongside Max Glover, Senior Vice President of Worldwide Sales, and Suman Narayan, Senior Vice President of Products at Allegro MicroSystems. This strategic collaboration enhances Allegro MicroSystems’ presence in India, unlocking access to a rich talent pool and further embedding the company into India’s dynamic tech ecosystem.
The primary goal of the CoE is to accelerate the development of Allegro MicroSystems’ cutting-edge sensor and power IC product portfolios, which play a pivotal role in electric vehicles (EVs), advanced driver-assistance systems (ADAS), and other automotive innovations.
"India's rapidly growing automotive market presents a tremendous opportunity," said Vineet Nargolwala, CEO of Allegro MicroSystems. "This CoE, in collaboration with Cyient, will enable us to deliver innovative solutions aligned with the evolving needs of the automotive industry while supporting our vision for a safer, sustainable, and autonomous future."
About the Partners
Cyient Ltd an Indian multinational technology company specializes in engineering, manufacturing, data analytics, and network operations. Founded in 1991 in Hyderabad, the company is recognized among the world's top 30 outsourcing firms. It operates across eight strategic business units that is Aerospace & Defence, Transportation, Industrial, Energy and Natural Resources, Semiconductors, IoT and Analytics, Medical and Healthcare, and Utilities & Geospatial. Additionally, it has a strong focus on Communications and Design-Led Manufacturing, providing innovative solutions across diverse industries.
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With over 30 years of expertise in magnetic sensing and power ICs, Allegro MicroSystems drives advancements in automotive, clean energy, and industrial automation, delivering solutions that enhance efficiency, performance, and sustainability.
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Strategic Significance
The collaboration underscores Allegro MicroSystems’ commitment to advancing e-mobility, clean energy, and automation, aligning with the global automotive industry's shift towards sustainability and innovation. By leveraging Cyient's expertise, Allegro MicroSystems aims to bring innovative solutions to market more efficiently.
Krishna Bodanapu, Executive Vice-Chairman & Managing Director of Cyient, expressed pride in the partnership:
“Our relationship with Allegro MicroSystems has flourished over the past two years. This CoE solidifies Cyient's position as a trusted partner in developing cutting-edge semiconductor solutions, which are central to innovation across industries.”
Impact on the Semiconductor and Automotive Industries
This initiative not only strengthens India’s semiconductor capabilities but also supports the global automotive industry's transition towards advanced technologies and sustainable solutions. The CoE is expected to play a significant role in fostering innovation and driving growth in the semiconductor and automotive markets.
This collaboration marks a milestone in the journey of both companies, shaping the future of the automotive industry with innovative semiconductor technologies.
Share Performance
At the beginning of today’s trading session, Cyient Ltd opened at Rs 1801.45 per share, matching Thursday's closing price of Rs 1801.45 on the BSE. As of the time of writing, the shares are trading at approximately Rs 1778.45 per share on the BSE, reflecting a decline of around 1.28 per cent. The current market capitalization is Rs 19,734 crore.
Disclaimer: The article is for informational purposes only and not investment advice.