The Biden administration is in talks to confer more than $10 billion in subsidies to Intel Corp., people familiar with the matter said, in what would be the largest award yet under a plan to bring semiconductor manufacturing back to US soil.

Intel’s award package is expected to include both loans and direct grants, according to the people, who asked not to be identified because the deliberations are private. They stressed that negotiations are still underway.

The Commerce Department and Intel declined to comment.

The incentives would come from the 2022 Chips and Science Act, which set aside $39 billion in direct grants as well as loans and loan guarantees worth $75 billion to get the world’s top semiconductor companies to manufacture chips in the US after decades of production abroad.

Intel climbed as much as 1.1% in late trading Friday after Bloomberg reported the news. The stock was down 13% this year through the close.

Chips firms have invested more than $230 billion in the US since President Joe Biden took office, and the administration’s goal is to establish at least two leading-edge manufacturing clusters by 2030.

The Commerce Department has already announced two smaller Chips Act grants. Secretary Gina Raimondo said last week that there would be a “drumbeat of even bigger announcements” in the next six to 12 weeks.

Intel dominated the chip industry for years but has recently fallen behind Asian rivals Taiwan Semiconductor Manufacturing Co. and Samsung Electronics Co., which are building their own US sites in Arizona and Texas. Intel Chief Executive Officer Pat Gelsinger has been the leading industry voice lobbying for US government support of the sector, and the firm has said its plans are contingent on that funding.

Intel is building a $20 billion facility in Ohio, undergoing a $20 billion expansion in Arizona and investing $3.5 billion in New Mexico.

It’s not yet clear how Intel’s award would be split between grants and loans, the people said. Loan terms are company-specific, the people said, as are benchmarks that the Commerce Department will impose to disburse the funding over time.

Intel hasn’t said when its projects will begin commercial production. The company has made significant progress in Ohio, a spokesperson said after the Wall Street Journal reported a delay from 2025 to 2026. An administration official said that the timeline is in bounds with Intel’s initial projections and based on market factors, not award announcements.

The Commerce Department earlier announced Chips Act grants to the American subsidiary of BAE Systems Plc and Microchip Technology Inc. for facilities in New Hampshire, Oregon and Colorado.

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Till now, 45 crore bank accounts have opened under the scheme, the minister said.

Union Minister Anurag Thakur on Friday inaugurated the 2024 Annual Government and Institutional Business Meet of the Federal Bank and asserted that under the Jan Dhan scheme around 45 crore bank accounts have been opened.

Addressing an audience of the officials and employees of the bank, the Minister at the very outset, congratulated Federal Bank for an all-time high share price.

Recalling the mood when Prime Minister Narendra Modi announced Pradhan Mantri Jan Dhan Yojana, Thakur said that a lot of people had rebuffed it as a non-starter.

“But today the government can proudly boast of having opened 45 crore bank accounts under the scheme. The corpus under the Jan Dhan accounts is a mammoth 2.1 lakh crore rupees that is part of the banking ecosystem,” he said.

Reminiscing the time before the current government, Thakur said that before 2014 the government was known for policy paralysis. Since 2014, the credo has shifted to Reform, Perform, Transform. The banking sector is today out of the clutches of debt and at an all-time high performance.

The Minister stated that when the country was hurt by economic offenders before 2014, it was the current government that came out with the Economic Offenders Bill and is still fighting cases abroad to get all the offenders back to India. The gross NPA has reduced to 3.2 per cent, and the return on assets has seen a rise from 0.5 per cent to 0.79 per cent in 2023.

He went on to state that a similar mood prevailed when digital payments were promoted by the government after demonetization but today the smallest of payments is being made by BHIM UPI. These are examples that have taken India from Fragile 5 to the top 5 economies of the world and will take the country to 3rd largest economy soon.

Thakur said that the government’s efforts, with a mix of accountability and transparency, have brought 25 crore people out of multidimensional poverty in the past ten years and this a proof of people benefiting from Government schemes.

The Government can proudly proclaim that a hundred per cent of government expenditure on social sector schemes is reaching the beneficiaries due to the implementation of the JAM trinity.

The Minister ensured that the government will keep taking bold initiatives and is resolute to take India to the top 3 economies in another five years and a developed country by 2047.

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The facility will be built on 2958 acres of land in Jagatsinghpur, JSW Steel said in a statement.

JSW Steel, India’s largest steelmaker by capacity and a part of the $23 billion-JSW Group, has announced an investment of ₹65,000 crore for Odisha, and will utilise the investment to set up an integrated steel plant, a port facility, and a cement factory, at Jagatsinghpur in the eastern state.

While the port will handle 52 million tonnes of cargo per annum, the cement factory will be able to produce 10 million tonnes, and an iron ore slurry transportation system will have the capacity to transport 30 million tonnes per annum, the Economic Times reported.

According to a JSW Steel statement, 2958 acres of land has been handed over to it for the project by the Industrial Development Corporation of Odisha (IDCO).

“30% of the total project land will be dedicated for the preservation of forests and water bodies. The investment will be made in multiple phases subject to necessary approvals,” the statement read.

Meanwhile, JSW Group chairman Sajjan Jindal, who on Friday attended a foundation-laying ceremony presided over by Odisha chief minister Naveen Patnaik, said that the integrated steel plant is expected to drive economic growth in the region with a potential to generate about 30,000 direct and indirect jobs.

As per ET, the land for the project was earlier earmarked for South Korean steelmaker POSCO, in 2005, with plans to set up a 12 MTPA (millions of tonnes per annum) facility with an investment of ₹52,000 crore. POSCO, however, withdrew in 2017 following stiff opposition from the locals towards the project.

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