A Japanese public-private fund is considering increasing its proposed investment in Sharp in order to beat a beat a rival offer from Taiwan's Hon Hai Precision Industry. The Innovation Network Corp. of Japan will offer more than 300 billion yen ($2.54 billion) to the ailing Japanese electronics manufacturer in order to help the company get back on its feet, Nikkei reports. Innovation Network had previously proposed providing about 200 billion yen to Sharp.

Hon Hai Precision Industry had proposed buying Sharp for around 300 billion yen on the condition that the struggling Japanese electronics maker?s top management be revamped, Kyodo news reported last month citing sources close to the matter.

The Innovation Network has also a stake in Japan Display, which makes small and medium-sized LCDs.