(Reuters) - Japan's Nidec Corp ( NNDNF ) and U.S.-based private equity firm KPS Capital Partners are competing to acquire Siemens AG's Innomotics large motors business, Bloomberg News reported on Monday.

The sale of the motors and drives business could fetch German engineering group about 3 billion euros ($3.28 billion), the report added, citing people familiar with the matter.

Nidec ( NNDNF ) declined to comment, while KPS Capital Partners and Siemens did not immediately reply to Reuters' requests for comment.

In November 2022, Siemens first announced the spin-out of the unit, which was created to compete with Switzerland's ABB and Japan's Yaskawa.

Innomotics is based out of Nuremberg, Germany, has around 15,000 employees worldwide and annual revenue of approximately 3 billion euros, according to its website.

($1 = 0.9149 euros)

(Reporting by Urvi Dugar in Bengaluru; Editing by Sherry Jacob-Phillips and Varun H K)