TOKYO, Nov 11 (Reuters) - Japan said on Friday it will invest up to 70 billion yen ($500 million) in a new semiconductor company led by tech firms including Sony Group Corp (6758.T) and NEC Corp (6701.T) as it rushes to re-establish itself as a lead maker of advanced chips. The new chip company will be named Rapidus and aims to begin making chips in the second half of the decade, he added. Japan is also concerned that China may attempt to take control of Taiwan, the global hub for advanced chip production. In July Japan also offered a 93 billion yen subsidy to help memory chip makers Kioxia Corp and Western Digital Corp (WDC.O) expand output in Japan. In September it pledged to give U.S. chipmaker Micron Technology (MU.O) $46.5 billion yen so it can add production capacity at its plant in Hiroshima.

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