Toshiba is the second-biggest NAND chip producer after Samsung Electronics Co Ltd
The news shot up the price of Toshiba shares at the Tokyo Stock Exchange
Company has not decided on the size of the stake to be sold
A botched nuclear bet has pushed the company to near financial ruin
Toshiba has struggled to make money in nuclear power since it bought Westinghouse
Foxconn is among the companies and funds that were bidding for the smaller stake, says sources
This, after Toshiba took $6.3 billion hit on US nuclear unit
The company also announced that Chairman Shigenori Shiga would step down
Toshiba warned of a potential multi-billion dollar nuclear writedown in December
The loss is largely due to a goodwill impairment of around 600-bn yen on the US nuclear unit
Marking a retreat as it wrestles with an imminent multi-billion dollar writedown
The tech giant's shares fell by 5.85%
Shares in Toshiba have lost almost a third of their value in the past three months
Facing writedown, it aims to complete the sale by the end of the financial year in March
Company will unveil the extent of the write-down on Feb 14 when its reports Q3 results
Operating profit is forecast at 130 billion yen ($1.13 billion) for the year to end-March
The industrial conglomerate has distributed non-disclosure agreement forms to various funds
Shares in Toshiba plunged 16% on Thursday on reports of bigger-than-expected $6 billion writedowns
Toshiba declined to comment on the reported writedowns and its plans for meeting with banks
Western Digital operates a NAND flash memory plant in the city of Yokkaichi in Mie prefecture with Toshiba