TOKYO -- A government-backed turnaround fund is proposing to sell part of its more than two-thirds interest in Japanese chipmaker Renesas Electronics to Toyota Motor, Panasonic or other existing shareholders, The Nikkei has learned.
The Innovation Network Corp. of Japan's move to draw down its investment comes after the once-struggling Renesas posted a profit in the year ended March 31. The INCJ wants to lower its stake to less than 50%.
