September 27, 2018:
Ramagundam Fertilizers & Chemicals, a Telengana-based joint-venture company promoted by NFL, EIL and FCIL, have entered into a shareholders agreement with the HTAS consortium along with GAIL India in relation to a 26% stake acquisition of the total project equity of Rs 1313.57 crores (around $181m) for its fertilizer project in Ramagundam.
The investment saw the consortium of Danish entities being Haldor Topsoe A/S, Investment Fund for Developing Countries (IFU) and Danish Agribusiness Fund acquiring 11.7% stake in the Fertilizer Plant along with Natural Gas processing and distribution company, GAIL India and the State of Telangana acquiring 14.3%.
Partners in Ramagundam Fertilizer Plant have agreed on a shared investment, which is scheduled to begin operation in the Second Quarter of 2019 as first revival projects.
Amicus Advocates advised Ramagundam Fertilizers & Chemicals in drafting of the Shareholders agreement, negotiating & settling with RFCL’s promoters and investors in the transaction, and was led by Partner Madhav Rastogi and Senior Associate Joyeeta Banerjee.
Khaitan & Co acted as the Legal Advisors to Engineers India Limited (EIL) and was represented by Partner Atul Pandey, Principal Associate Abhishek Sanyal and Senior Associate Devesh Pandey.
Trilegal acted for the Danish Consortium of Haldor Topsoe A/S, Investment Fund for Developing Countries (IFU) and Danish Agribusiness Fund.
The firm was led by their Corporate Partner Kunal Chandra and Senior Associate Aditi Jain.
NFL and GAIL were advised by their in-house teams.
Ramagundam Fertilizers & Chemicals is a professionally managed company jointly set up by EIL, NFL and FCIL pursuant to a mandate given to them by the Government of India to revive and operate the defunct fertilizer plant of FCIL at Ramagundam.
The current investment made is one of the largest in a Urea-Manufacturing Plant in the country to promote the production of urea under the New Investment Policy 2012 of the Govt. of India.
Deal Dates : 2018-08-17
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Source : Legally India