Shardul Amarchand Mangaldas advised Gentari Sdn. Bhd on its acquisition of 30% stake in AM Green Ammonia Holdings B.V.

Shardul Amarchand Mangaldas advised Gentari Sdn. Bhd on its acquisition of 30% stake in AM Green Ammonia Holdings B.V.

Shardul Amarchand Mangaldas advised Gentari Sdn. Bhd (a subsidiary of PETRONAS - Petroliam Nasional Berhad) (“Gentari”) on its acquisition of a 30% stake in a green hydrogen/green ammonia platform set up by AM Green Ammonia Holdings B.V. (promoted by Greenko group and GIC) (“AM Green”). The deal was valued approximately at USD 1.5 billion and the date of signing the deal was 27 October 2023.

The platform is being setup in Netherlands as a joint venture between Gentari and AM Green and will house various green hydrogen and green ammonia projects in India including ones identified as on date which are located in Andhra Pradesh, Dahej, Himachal Pradesh and Tuticorin.

This is one of the first major private transactions and the largest foreign investment in green hydrogen/green ammonia sector and the platform company will produce 20% of India’s target for green hydrogen production by 2030 and 10% Europe’s target for imported green hydrogen.

The projects and project finance team was led by Deepto Roy, Partner; Rohit Rajagopal, Principal Associate; Pranav Nanda, Principal Associate; Annapoorani Ramu, Associate.

The competition team was led by Gauri Chhabra, Partner; Aakriti Thakur, Senior Associate; Saumya Raizada, Senior Associate; Eesha Seth, Associate.

Price Waterhouse Coopers, Bank of America advised Gentari on the tax and transaction aspects, respectively.

CMS Cameron McKenna and Bowmans were the Dutch counsel and Mauritius counsel for Gentari.

Cyril Amarchand Mangaldas, KPMG, Citi Bank advised AM Green on the legal, tax and transaction aspects, respectively.

Nauta Dutilh was the Dutch Counsel.

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