South Korea’s Doosan Group revealed plans to sell its industrial engine business on Wednesday, putting the unit on the sale block to cut debt and focus on core businesses such as infrastructure and energy.

The conglomerate is planning to send information memorandum to prospective bidders next week for the sale of a 42.66 percent stake in Doosan Engine Co., worth 126 billion won ($114 million) as of Tuesday’s closing price, according to people familiar with the matter.

Doosan Engine is the world’s second largest low-speed engine developer and the stake is now held by Doosan Heavy Industries & Construction Co.

At 2:50 p.m., shares of Doosan Engine were up 6.5 percent at 4,520 won.

Credit Suisse is advising the sale. Multiple bidders including private equity funds are showing interest in the deal, sources said.

The plans come after rival STX Engine seeking a new owner successfully lured in strong bidders in September amid some recovery in market sentiment with rising vessel engine sales. Market watchers say PEFs will show more interest in Doosan Engine than strategic investors unlike the early auction of STX Engine where only financial investors took part in.

By Chun Kyung-woon and Minu Kim

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