Renesas Electronics Corp. announced Monday measures to turn around its business, with a government-backed fund and private-sector firms investing up to ¥200 billion in the embattled chipmaker to keep it afloat.
The state-backed Innovation Network Corp. of Japan and the chipmaker's eight key clients, including Toyota Motor Corp. and Nissan Motor Co., will first invest a combined ¥150 billion in Renesas. The fund stands ready to invest or loan an additional ¥50 billion in the future if the chipmaker needs more money, it said.
Of the total amount of the first tranche, INCJ will shoulder around ¥138.4 billion, while Toyota and Nissan will put in ¥5 billion and ¥3 billion, respectively. Canon Inc., Panasonic Corp. and Nikon Corp. will each invest ¥500 million, according to INCJ.