The Competition Commission of India (CCI) has approved the proposed acquisition NFCL Assets and 100% shareholding of ZeroC by AMG India using proceeds of investments received from the AMG Entities, BSI, Gentari, and Platinum Rock.

AM Green B.V. (AMG), AM Green Ammonia Holdings B.V. (AMGAH), AM Green Ammonia B.V. (AMGA), AM Green Ammonia (India) Private Limited (AMG India) are collectively referred to as “AMG Entities”. AMG Entities are newly incorporated entities and are currently not engaged in any business activities.

Baker Street Investment Pte. Ltd. (BSI) is organised as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited.

Gentari International Renewables Pte. Ltd. (Gentari) is a newly incorporated company in November 2022, controlled by the PETRONAS Group. It is a clean energy company operating 3 core portfolios - (i) renewable energy; (ii) hydrogen; and (iii) green mobility.

Platinum Rock B 2014 RSC Limited (acting in its capacity as the trustee of the Platinum Stone A 2014 Trust) (Platinum Rock) has made several investments across the world (including in India) in various sectors including infrastructure, such as transportation, utilities, energy and fund investments in the infrastructure sector. It does not, however, carry out any other business activities, whether in India or globally.

Greenko ZeroC Private Limited (ZeroC) is not engaged in any revenue generating business activities in India at present.

Nagarjuna Fertilizers and Chemicals Limited (NFCL) is a public listed company specialising in urea manufacturing and micro-irrigation products. It has one urea manufacturing plant in Kakinada, Andhra Pradesh and three micro irrigation manufacturing plants, namely two in Telangana (i.e., Nacharam and Sadashivpet) and one in Halol, Gujarat. NFCL Assets refers to certain assets of NFCL presently used for the urea and micro-irrigation business.

The Proposed Combination involves: (i) NFCL Asset Acquisition: Acquisition of the NFCL Assets by AMG India using proceeds of investments received from the AMG Entities, BSI, Gentari, and Platinum Rock. The NFCL Asset Acquisition is proposed to be achieved through an asset sale; and (ii) ZeroC Acquisition: Acquisition of 100% shareholding of ZeroC by AMG India using proceeds of investments received from the AMG Entities, BSI, Gentari, and Platinum Rock. (Proposed Combination).

Detailed order of the CCI will follow.

Acquisition approval: AMG India to acquire NFCL assets and full shareholding of ZeroC using investor funding. CCI approved a proposed combination whereby AMG India will acquire specified NFCL assets used in urea and micro irrigation and will acquire 100% of ZeroC's shareholding, both transactions to be funded by investment proceeds from the AMG Entities, Baker Street Investment, Gentari, and Platinum Rock; the NFCL assets include a urea plant in Kakinada and three micro irrigation plants, while ZeroC currently has no revenue generating operations in India.