The United States plans to award SK hynix Inc. up to US$450 in grants to help fund its production base for semiconductor packaging in Indiana, the South Korean chip giant said Tuesday. The company said in April that it would invest around $4 billion to build an advanced chip production line and another facility to produce next-generation memory chips in the U.S. state. The chipmaker has signed a preliminary memorandum of terms with the U.S. Department of Commerce to receive the subsidy in direct funding and access to proposed loans of $500 million as part of the U.S.' CHIPS and Science Act for its investment, according to the release by the company. Source: Yonhap News Agency