Japan’s top utility company Tokyo Electric Power Company Holdings is considering joining a partnership between state-backed investment fund Japan Investment Corp. and a local private equity firm in bidding to take over Toshiba Corp., according to people familiar with the matter.

The largest power utility in Japan, known as Tepco, is looking to secure Toshiba’s nuclear business, the people said. Foreign funds have approached JIC to join the bid, according to people familiar with the matter.

JIC and Japan Industrial Partners are partnering up because they don’t have enough funds on their own, they said. While foreign funds have approached JIC for potential joint offers, it’s too early to tell who the JIC-JIP group will partner with or whether they will proceed with their own bid, the people said.