Japan's trade minister says INCJ could invest in Toshiba chip unit if it made sense
[TOKYO] Japanese government-backed fund, the Innovation Network Corporation of Japan (INCJ), can invest in Toshiba Corp's chip unit if it makes sense, the country's industry and trade minister said on Thursday.
"INCJ's role is to support industrial innovation and if a proposal meets its objectives then it can get involved," minister of Economy Trade and Industry Hiroshige Seko said at a press briefing in Tokyo when asked about the possibility of INCJ investing in Toshiba.
Toshiba wants to sell its chip business to raise cash to cover charges at its US nuclear business, Westinghouse Electric.
Mark Long, the chief financial officer, Western Digital Corp's, which wants to buy the unit, told Reuters in an interview on Thursday that it was in talks with INCJ and the development Bank of Japan and would consider a joint bid with them.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Cut aid for livestock farms to help climate fight, World Bank says
PM Modi votes as India’s marathon election heats up
US, Chinese climate negotiators meeting on greenhouse gas curbs
Japan’s service activity extends gains on solid demand, PMI shows
Australia’s retail sales volumes fall 0.4% in Q1
Xi bristles at criticism of China over the war in Ukraine