Age
Friday 5/9/2008 Page: 3
INDIAN industrial conglomerate Tata is to gain a foothold in the Australian renewable energy market by taking an 11% stake in GeoDynamics. GeoDynamics wants to produce electricity from steam heated by hot rocks deep underground in South Australia. Tata offshoot Tata Power expects to gain a board seat, and GeoDynamics and Tata Power have agreed to review the potential of geothermal prospects outside Australia.
Tata Power will take an 11.4% stake in GeoDynamics for $44.1 million through a placement of 29.4 million fully paid ordinary shares at $1.50 a share. GeoDynamics managing director Gerry Grove-White said the funds raised from Tata Power's placement would strengthen GeoDynamics' balance sheet. "There are great synergistic opportunities for both the groups," Mr Grove-White said. The Tata group has about 100 companies and generates annual revenue of about $US80 billion ($A95.82 billion). GeoDynamics shares closed 44 higher at $1.40.
Welcome to the Gippsland Friends of Future Generations weblog. GFFG supports alternative energy development and clean energy generation to help combat anthropogenic climate change. The geography of South Gippsland in Victoria, covering Yarram, Wilsons Promontory, Wonthaggi and Phillip Island, is suited to wind powered electricity generation - this weblog provides accurate, objective, up-to-date news items, information and opinions supporting renewable energy for a clean, sustainable future.
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