INDIA’S largest private company Tata Group will pump at least $44.1 million into geothermal energy company Geodynamics.
Brisbane-based Geodynamics yesterday announced a deal to issue 29.4 million shares, equivalent to 11.4 per cent of the company, to Tata Power for $1.50 per share.
This is an important development. TATA in my opinion is one of the most ethical and highly visionary conglomerate in India. With more than $60 B in revenue it is no small company. I am excited to see the increasing trade between India and Australia. There is a potential for both ways – India’s products/money to Australia and Australia’s technology for India’s markets.
Geothermal has a great future, especially in South Australia and hot rocks could turn out to be a major green source of energy in the future.