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09/05/2008 05:54 AM

Tata To Acquire Stake in Australian Geodynamics

SustainableBusiness.com News

India's largest power company, Tata Power Co. (600400.BO) announced that it will acuire 11.4% of Austrailian geothermal company Geodynamics Ltd. (GDYOA.AX)

Tata will buy 29.4 million ordinary shares at a price of A$1.5 for a total investment of A$44.1 million. 

"The strategic partnership with Geodynamics will strengthen our renewable energy portfolio and help us enter the market in Australia," said Tata Power managing director Prasad Menon.

This week the U.S. Department of Energy announced a partnership aimed at bringing together the geothermal expertise of the U.S., Austrailia and Iceland.

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