The board of Taiwan Semiconductor Manufacturing Company (TSMC) has approved capital appropriations of approximately US$3.79 billion to expand capacity for advanced-node manufacturing, as well as converting certain logic capacity to specialty technologies, and R&D capital investments and sustaining capital expenditure.

TSMC said previously that its 10nm process will start generating revenues in the first quarter of 2017. The node has received product tape-outs from three clients, and more tape-outs are expected to land later in 2016, the foundry indicated.

TSMC also revised upward its capex budget for 2016 to US$9.5-10.5 billion from US$9-10 billion.

In addition, TSMC's board also approved the company's acquisition from VisEra Holding Company of 86.9% shareholdings in VisEra Technologies Company at book value, and 6.9% shareholdings in Xintec at market price. As a result, VisEra Holding will be dissolved and merged into TSMC Partners, which is 100% owned by TSMC. After the transaction, TSMC will own 86.9% of VisEra Technologies and 41.3% of Xintec directly.