Bain Capital, LP, The Carlyle Group L.P. (NasdaqGS:CG) and KKR & Co. Inc. (NYSE:KKR) are among potential bidders for Hitachi, Ltd. (TSE:6501)'s chemical unit, three people familiar with the situation told Reuters. Hitachi plans to sell its majority stake in Hitachi Chemical Company, Ltd. (TSE:4217) and the process could start as early as this month, Reuters has reported.

Hitachi shortlisted a select group of financial sponsors and strategic suitors for the bidding process after initial conversations with interested parties earlier in 2019, two of the people said, declining to be identified as the information is confidential. The three private equity firms declined to comment. Hitachi owns 51.2% in Hitachi Chemical, which is worth about $2.9 billion based on Hitachi Chemical's $5.7 billion market value.

Hitachi and Hitachi Chemical declined to comment.