TOKYO (Reuters) – State-backed Japan Investment Corp (JIC) has received approval to expand its investment framework to 900 billion yen ($6.11 billion) from 200 billion yen, a government source said on Wednesday.
JIC heads a consortium that has been preparing a bid to buy out Toshiba Corp.
The preferred bidder is private equity firm Japan Industrial Partners (JIP), but two sources familiar with the matter said last month that it is having difficulty securing sufficient equity commitments from potential consortium partners.
($1 = 147.2900 yen)
(Reporting by Takaya Yamaguchi; editing by Jason Neely)
