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COMPETITION COMMISSION OF INDIA
Combination Registration No. 2024/02/1111
Non-Confidential
2nd April 2024
Notice under Section 6(2) of the Competition Act, 2002 filed by AM Green B.V., AM Green
Ammonia Holdings B.V., AM Green Ammonia B.V., AM Green Ammonia (India) Private
Limited, Baker Street Investment Pte. Ltd., Gentari International Renewables Pte. Ltd.
and Platinum Rock B 2014 RSC Limited (acting in its capacity as the trustee of the
Platinum Stone A 2014 Trust)
CORAM:
Ms. Ravneet Kaur
Chairperson
Mr. Anil Agrawal
Member
Ms. Sweta Kakkad
Member
Mr. Deepak Anurag
Member
Order under Section 31(1) of the Competition Act, 2002
1.
On 12th February 2024, the Competition Commission of India (Commission) received a notice
under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) filed by 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), Baker Street Investment Pte. Ltd.
(BSI), Gentari International Renewables Pte. Ltd. (Gentari) and Platinum Rock B 2014 RSC
Limited (Platinum Rock) (acting in its capacity as the trustee of the Platinum Stone A 2014
Combination Registration No. C-2024/02/1111
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Trust) (Platinum Stone Trust) [AMG, AMGAH, AMGA, and AMG India are collectively
referred to as “AMG Entities”. Further, the AMG Entities, BSI, Gentari and Platinum Rock are
collectively referred to as “Acquirers”].
2.
The notice has been filed inter alia pursuant to the Investment Agreement dated 27th October
2023 executed among inter alia BSI and AMG (BSI IA); Investment Agreement dated 27th
October 2023 executed among inter alia Gentari, and AMGA (Gentari IA); AMG India’s offer
letter to the lenders of Nagarjuna Fertilizers and Chemicals Limited (NFCL) dated 14th
December 2023 and revised offer letter dated 12th January 2024 (NFCL Assets Offer Letters);
Securities Subscription Agreement dated 22nd January 2024 executed between AMG and AMG
India (AMG India SSA); Amendment Deed to the BSI IA dated 27th January 2024 executed
among inter alia Platinum Rock, BSI and AMG (ADIA DoA); Share Purchase Agreement dated
30th January 2024 executed among AMG India, Greenko ZeroC Private Limited (ZeroC) and
Greenko Energies Private Limited (i.e., the seller) (ZeroC SPA).
3.
The proposed transaction involves: (a) NFCL Asset Acquisition: Acquisition of NFCL Assets1
by AMG India using proceeds of investments received from the AMG Entities, BSI, Gentari, and
Platinum Rock; and (b) 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 [NFCL Assets and ZeroC are collectively referred to as “Targets”].
4.
It is stated in the notice that while ZeroC and the NFCL Assets are the ultimate targets of the
Acquirers and would be acquired by AMG Entities (and therefore the AMG Entities are part of
the Acquirers), [-----------------------------------------------------------------------------------------------
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1 The NFCL Asset Acquisition is proposed to be achieved through an asset sale of certain assets of NFCL pertaining
to its urea and micro-irrigation business, namely, Kakinanda urea plant, Ida Nacharam unit, Sadasivpet unit, and
Halol unit and all movable fixed assets of NFCL (NFCL Assets).
2 Greenko ZeroC Limited, which is an affiliate of Greenko Energy Holdings (GEH), has an existing joint venture
with John Cockerill Hydrogen S.A.S (Electrolyser JV). It is contemplated that the stake held by Greenko ZeroC
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-------------------------------------------------------] [The Acquirers and the Targets are collectively
referred to as the “Parties”]
5.
The proposed transaction will take place through a series of steps as explained below. Steps 1 to
4, along with certain inter-connected transactions are collectively referred to as the “Proposed
Combination”.
(a)
Step 1: AMG has set up a wholly owned subsidiary, i.e., AMGAH. Summarily, the
investments by BSI and Platinum Rock shall be as follows:
(i) BSI Investment in AMGAH/ AMGA: BSI will invest in AMGAH by subscribing
to 20.286% of the issued and paid-up equity share capital of AMGAH, along with
certain rights (BSI AMGAH Investment)3. [---------------------------------------------
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(ii) [--------------------------------------------------------------------------------------------------
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(iii) [--------------------------------------------------------------------------------------------------
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Limited in the Electrolyser JV will eventually be transferred to AMG. [---------------------------------------------------
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3 By virtue of subscribing to ~20% of the issued and paid-up equity share capital of AMGAH, BSI, will hold
~14.2% of the issued and paid-up equity share capital of AMGA on a look-through basis.
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The BSI-AMGAH Investment, [-------------------------------------------------------] are
collectively referred to as the “BSI Investment”.
(iv) Platinum Rock Investment in AMGAH/ AMGA Platinum Rock will invest in
AMGAH by subscribing to 5.714% of the issued and paid-up equity share capital
of AMGAH4.
(v) [--------------------------------------------------------------------------------------------------
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(vi) AMG Investment in AMGAH/ AMGA: AMG will invest in AMGAH by
subscribing to 74% of the issued and paid-up equity share capital of AMGAH5.
(b)
Step 2: AMGAH has set up a wholly owned subsidiary, i.e., AMGA.
(i) AMGAH Investment in AMGA: The proceeds from the investment in Step 1 will
be invested by AMGAH into AMGA. Further, AMGAH shall subscribe to equity
shares constituting 70% of the issued and paid-up equity share capital of AMGA
with 70% voting interest6 and 100% CCPS7.
(ii) Gentari Investment in AMGA: Gentari will also invest in AMGA by subscribing
to 30% of the issued and paid-up equity share capital of AMGA with 30% voting
4 By virtue of subscribing to ~6% of the issued and paid-up equity share capital of AMGAH, Platinum Rock will
hold ~4% of the issued and paid-up equity share capital of AMGA on a look-through basis.
5 [-------------------------------------------------------------------------------------------------------------------------------------
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6 By virtue of subscribing to 70% of the issued and paid-up equity share capital of AMGA, AMGAH will hold
70% of the issued and paid-up equity share capital of AMG India on a look-through basis.
7 [-------------------------------------------------------------------------------------------------------------------------------------
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Combination Registration No. C-2024/02/1111
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interest8. Accordingly, AMGAH and Gentari will hold equity shares in AMGA in
a 70:30 ratio.
(c)
Step 3: AMGA will utilise the proceeds from Step 2 to make an investment into AMG
India, pursuant to AMG India SSA. AMG India will be 100% held by AMGA post the
Proposed Combination.
(d)
Step 4: AMG India will utilise the proceeds from Step 3 to undertake NFCL Asset
Acquisition and ZeroC Acquisition.
6.
Further, it is stated that since the NFCL Asset Acquisition contemplates an acquisition of assets
and not of shares in a company, there are no specific rights associated with the NFCL Asset
Acquisition. Further, AMG India will be wholly owned by AMGA and ZeroC will be wholly
owned by AMG India post the Proposed Combination. Accordingly, there are no specific rights
that either AMGA or AMG India will acquire in AMG India and ZeroC, respectively, as result
of the Proposed Combination.
7.
In terms of Regulation 14 of Competition Commission of India (Procedure in regard to the
transaction of business relating to combinations) Regulations, 2011, the Commission, vide
communication dated 28th February 2024, sought certain information(s)/ clarification(s), inter
alia, relating to the activities of the Parties and the response to the same was received on 8th
March 2024. Further, certain additional information was received, vide submissions dated 11th
March 2024 and 28th March 2024.
AMG Entities/ Greenko Group
8.
AMG Entities are newly incorporated entities and are currently not engaged in any business
activities. AMG entities have been established for the purpose of setting up and operating
projects for the generation and supply of green ammonia, green hydrogen, and its derivatives,
with the objective of greening the complete energy eco-system. Post the Proposed Combination,
