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.
About Shardul Amarchand Mangaldas & Co:
Shardul Amarchand Mangaldas & Co., founded on a century of legal achievements, is one of India’s leading full-service law firms. The Firm’s mission is to enable business by providing solutions as trusted advisers through excellence, responsiveness, innovation, and collaboration. SAM & Co. is known globally for its exceptional practices in mergers & acquisitions, private equity, competition law, insolvency & bankruptcy, dispute resolution, international commercial arbitration, capital markets, banking & finance, tax, intellectual property, data protection and data privacy, technology law and projects & infrastructure.
The Firm has a pan-India presence and has been at the helm of major headline transactions and litigations in all sectors, besides advising major multinational corporates on their entry into the Indian market and their business strategy. Currently, the Firm has over 822 lawyers including 166 Partners, offering legal services through its offices in New Delhi, Mumbai, Gurugram, Ahmedabad, Kolkata, Bengaluru, and Chennai.
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