Doosan Group, one of South Korea's leading conglomerates, is in talks to buy Czech turbine company Skoda Power for about $552-630 million.
"As the deal is under way, the price has yet to be finalised with Skoda," said Doosan Group spokesman Bae Kyun-Ho was quoted as saying by AFP.
Doosan Heavy is South Korea's largest power equipment maker in terms of sales. Earlier reports did not specify which group company was involved in the bid.
Doosan companies produce power plants, industrial facilities, machine tools and automation systems, engines, bridges and construction equipment.
IN 2007, the group's flagship firm Doosan Infracore announced a $4.9 billion deal to buy three construction equipment units from U.S. firm Ingersoll-Rand, the largest overseas takeover in Korean history, according to AFP.