Fujitsu Ltd (6702.T) is looking to offload its mobile operations as the Japanese information technology company faces stiff competition from bigger rivals in a highly lucrative mobile phone market, the Nikkei business daily reported.

The company, which spun off its mobile phone operations into a separate company last February, has drawn interest from investment funds including Tokyo-based Polaris Capital Group and Britain’s CVC Capital Partners Ltd [CVC.UL], as well as Chinese personal computer maker Lenovo Group Ltd (0992.HK), the Japanese newspaper added.

First-round bidding could open as soon as September, and is expected to bring offers in the tens of billions of yen (hundreds of millions of dollars), Nikkei reported.

Tokyo-based Fujitsu would stop developing and manufacturing mobile phones, but looks to keep a minority stake in the business and keep its mobile phone brand alive, the report said.