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Japan's government said it will invest some $310 million in chip maker Elpida Memory, part of $1.7 billion in financial aid that includes loans from private banks to shore up the loss-making chipmaker.
The world's fourth-biggest DRAM maker is the first company to get government aid under a new scheme that makes public funds available to businesses hit by the global financial crisis.
Elpida is scheduled to issue 30 billion yen in preferred securities to the state-backed Development Bank of Japan in August, which will also extend 10 billion yen in loans, Japan's trade ministry said.
Private banks will also provide 100 billion yen in loans, the ministry said.
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It is also in talks to receive a capital boost worth 20 billion yen from Taiwan Memory Company by the end of March. Taiwan Memory was set up by the Taiwanese government to rescue Taiwan's chip sector.
"Elpida is Japan's only DRAM maker, and it has been hit by extremely severe conditions amid the global economic slump, despite its superior technology," Trade Minister Toshihiro Nikai told reporters.
The chipmaker competes in a dog-eat-dog market with South Korea's Samsung Electronics, Hynix Semiconductor and with U.S. chipmaker Micron Technology.
Elpida's shares rose 2.4 percent to 1,056 yen, outperforming a 1.9 percent climb in the benchmark Nikkei 225 Average [JP;N225
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