March 11 (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)