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Hitachi Ltd is reportedly considering options for its sluggish HDD business, including bringing in a strategic investor to turn the business around, according to a Reuters report citing sources close to the matter.

Hitachi, Japan's biggest electronics conglomerate, has not posted a profit in its HDD business in any year since buying it from IBM for $2 billion in 2002.

According to the report, several financial industry sources have said that investment bank Merrill Lynch has sounded out private equityfunds that may be interested in the unit. The Carlyle Group, Kohlberg Kravis Roberts, Bain Capital and Silver Lake are among funds cited as possible investors, these sources said. Hitachi may seek a fund to buy an equity stake in the HDD business and then work with the fund to help revive it, one financial industry source said.

It was not immediately clear whether Hitachi would look to sell the entire business or just part of it.