Toshiba Corp. hired outside advisers as it plans to start the process of seeking proposals from potential investors on privatization and other strategic alternatives.

The Tokyo-based firm retained Nomura Securities Co. as financial adviser and Nishimura & Asahi as legal adviser, it said in a statement.

The company said earlier that it would set up a special committee that will, among other things, “identify the privatization offer that is best for our diverse stakeholders.”

Toshiba will evaluate feasible proposals, including the likelihood of each transaction being approved by Japan’s authorities under competition and national securities laws, such as the Foreign Exchange and Foreign Trade Act, it said.

Analysts say the likelihood of Toshiba going private has increased, but one obstacle is whether Japan’s government would approve such a sale. Japan’s authorities list Toshiba, with its expertise in nuclear power, as a company of interest to national security under the Foreign Exchange and Foreign Trade Act.