MANILA - Philippines firm San Miguel Corp. said Tuesday it plans to acquire a stake in a 312.5 million-dollar toll road project as part of a strategy to diversify from its core brewing business.

San Miguel, the country's biggest private employer and Southeast Asia's largest food and beverage company, said it is interested in the 88.5-kilometER (55-mile) Tarlac-La Union Expressway project, which is due to start this year.

"We confirm that the company is in talks with DMCI Holdings to explore potential participation in the Tarlac-La Union Expressway Project," San Miguel said in a disclosure to the Philippine Stock Exchange.

San Miguel is now "conducting due diligence but no agreement has been reached," it added.

Listed DMCI Holdings is a partner in a consortium called Private Infrastructure Development Corp., which won a government concession to build and operate the toll highway.

The road would provide a seamless land link between Manila and the northern Philippines.

Press reports say San Miguel wants to acquire a 49 percent stake, with the aim of possibly increasing its holding to 51 percent.

San Miguel's diversification has also seen it acquire a minority stake in top power distributor Manila Electric Co. and an option to buy a majority stake in local oil refiner Petron Corp.

It has also announced plans to venture into telecommunications, mining, and water utilities.