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US considering more than $10 bln in subsidies for Intel - Bloomberg News

Credit: REUTERS/NATHAN FRANDINO

Adds details from the report and background in paragraphs 2-5

Feb 16 (Reuters) - The Biden administration is in talks to award more than $10 billion in subsidies to Intel Corp INTC.O, Bloomberg News reported on Friday, citing people familiar with the matter.

Negotiations are underway and Intel's award package will likely include both loans and direct grants, according to the report.

The U.S. Department of Commerce, which oversees the disbursement of CHIPS Act funds, did not immediately respond to a Reuters request for comment.

It has already announced two smaller Chips Act grants and U.S. Commerce Secretary Gina Raimondo said earlier this month that her department plans to make several funding awards within two months from the government's $39 billion program to boost semiconductor manufacturing.

The semiconductor fund is intended to subsidize chip production and related supply chain investments, and the awards will help build factories and increase production.

(Reporting by Mrinalika Roy in Bengaluru; Editing by Anil D'Silva)

((mrinalika.roy@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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