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Hitachi Ltd. plans to invest about ¥300 billion ($2.8 billion) over the next three years in its “Internet of things” platform as the maker of power plants, bullet trains and elevators bets the technology will drive sales.

The money will be used for acquisitions, research and development and capital spending, Keiji Kojima, head of the services and platforms unit, said in an interview in Tokyo on Monday. The division will receive ¥100 billion of the investment, he said.

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