TOKYO—Japanese chip maker Renesas Electronics Corp. on Monday said it is in talks to buy U.S.-based chip maker Intersil Corp., a move that could strengthen the Japanese company's business of making semiconductor components for cars.

"We are considering various options for growth including" a possible deal with the U.S. company, Renesas said in a statement.

According to a person familiar with the discussions, the deal, if reached, would be valued at around 300 billion yen ($3 billion).

The possible takeover, which was reported earlier Monday by the Japanese business daily Nikkei, would represent a step by Renesas to stay ahead in an industry that has seen considerable recent consolidation.

Intersil's customers include companies in the automotive and aerospace businesses. The company had revenue of $522 million and net income of $7.2 million in 2015.

Innovation Network Corp. of Japan, a Japanese government-backed fund that owns a majority stake in Renesas, was looking for a buyer for the company last year, people familiar with the matter said at the time, but no deal has resulted.

Renesas was formed through a fusion of chip-making units of NEC Corp., Mitsubishi Electric Corp. and Hitachi Ltd.

Write to Takashi Mochizuki at takashi.mochizuki@wsj.com

(END) Dow Jones Newswires

August 21, 2016 22:35 ET (02:35 GMT)