Japan government-backed fund offers to purchase Toshiba's white goods sector

Japan government-backed fund offers to purchase Toshiba's white goods sector

A government-backed fund has proposed to Toshiba Corp. the purchase of the ailing electronic giant's white goods sector, it has been learned.

According to sources, a plan that the Innovation Network Corporation of Japan (INCJ) would make a 100 per cent investment after Toshiba spins off the sector has surfaced as a probable option.

The fund, which also plans to support the business reconstruction of Sharp Corp., is considering merging the spun-off sector with the electrical appliances sector of Sharp, the sources said. The general framework of the INCJ's project may become clear by the end of March.

Other than helping Toshiba, the government-backed fund also aims to avoid the outflow of Japan's technology by preventing the company's white goods sector being purchased by foreign capital.

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