(Clarifies paragraph two to show IT firm is owned by fund)
TOKYO Aug 24 Scandal-hit Olympus Corp said on Friday it would sell its mobile telecom unit ITX Corp for a total 53 billion yen ($676 million).
ITX's core operations will be sold to investment fund Japan Industrial Partners, which will operate the mobile phone retailing business through an IT services unit.
The cash-strapped camera and endoscope maker, which is in talks with Sony Corp, Fujifilm Holdings and others on a possible capital alliance, said it has yet to calculate how much profit it will gain from the sale. ($1 = 78.3800 Japanese yen) (Reporting by Mayumi Negishi; Editing by Edwina Gibbs and Chang-Ran Kim)