Hitachi to invest in nuclear power, batteries

TOKYO,  JAPAN: Japan's Hitachi Ltd said on Monday it would use the money it raises to increase production capacity in areas such as nuclear power and lithium ion batteries.

Hitachi, which has a joint venture with General Electric in nuclear power, plans to raise up to 418 billion yen ($4.7 billion) by issuing new shares and convertible bonds to shore up its capital base.

It will use 100 billion yen in capital spending for its power systems and research in its traffic system operations, and another 30 billion yen for production capacity in lithium-ion batteries, it said in a release.

It will spend another 90 billion yen to expand in software and services operations.