Feb 18 (Reuters) - Nestle is weighing a smaller presence in the ice cream business and has been reviewing options, including a possible reduction of its stake in Froneri, Bloomberg News reported on Wednesday.

The Switzerland-based food and drink maker may also consider selling some of its remaining fully-owned ice cream operations to the Froneri venture, the report added, citing people with knowledge of the matter.

Nestle declined to comment, while Froneri did not immediately respond to Reuters' queries.

Froneri, a joint venture between PAI Partners and Nestle, secured investment from Goldman Sachs and Abu Dhabi Investment Authority (ADIA) in October, valuing it at 15 billion euros ($17.69 billion).

PAI could opt to increase its stake in Froneri if Nestle decides to cut its shareholding, or the Swiss group could sell part of its stake to another investor like ADIA, Bloomberg said.

Deliberations are ongoing and there's no certainty a deal will eventually materialize, the report added.

Froneri, the maker of ice cream brands such as Haagen-Dazs and Rowntree's, competes with the newly listed Magnum Ice Cream Company, which became a standalone business after its long-awaited split last year from Unilever.

($1 = 0.8481 euros)

(Reporting by Mihika Sharma in Bengaluru and Mrinmay Dey in Mexico City; Editing by Alan Barona and Jonathan Ananda)