JIC has signed a confidentiality undertaking to allow it to access Toshiba data to evaluate an offer.
JIC, a public-private partnership, is majority owned by the Japanese government.
Toshiba has had ten offers from buy-out funds to take over the company.
Bain, Blackstone, CVC and KKR are among the bidders.
Some of the private equity funds have asked JIC if they can participate in the JIC bid.
Ten years ago, Renesas was threatened by a bid from KKR and another Japanese public-private partnership INCJ (Innovation Network Corporation of Japan) bought Renesas.
Since then, Renesas has gone from strength to strength.