Schedule a Call Back
Petronas nears $1.6 bn stake deal in India's AM Green
Industry News- Oct 04,23
The negotiations between Petronas and AM Green are at an advanced stage, valuing AM Green at $6 billion
Petronas, the state-owned oil giant of Malaysia, is on the verge of finalising a deal worth $1.6 billion for a 25% stake in the ammonia unit of India's AM Green.
The negotiations between Petronas and AM Green are at an advanced stage, valuing AM Green at $6 billion, according to the report. However, the report also cautioned that despite the progress, the discussions might face delays or even fall through.
Earlier this year, there were reports of a competition between Petronas and global competitor BP to invest between $1.5-2 billion for a substantial minority stake in AM Green, which is a new platform owned entirely by Greenko's founders, Anil Chalamalasetty and Mahesh Kolli.
Greenko was expected to choose between the offers from these two energy giants. This development aligns with the current trend of global investors showing keen interest in India's rapidly growing green sector, essential for the country to meet its climate change targets. Notably, French oil giant Total recently revealed plans to invest $300 million in a joint venture with Adani Green Energy for solar and wind projects.
Furthermore, Saudi Arabia's sovereign wealth fund is exploring the possibility of opening an office in India, reflecting the kingdom's interest in investing in sectors like green energy and petrochemicals within the Indian market.
It's worth mentioning that Petronas had previously proposed a $460 million investment for a 20% stake in the green energy division of India's largest power producer, NTPC. However, NTPC decided against proceeding with the deal.
Source: ET Energyworld
Related Stories
Machine Tools & Accessories
AMTEX 2026 and Fastener Fair India to Showcase Next-Gen Manufacturing Technologies
AMTEX 2026 and Fastener Fair India 2026 will bring together 650+ exhibitors and 4,000+ visitors at India Expo Mart, Greater Noida, showcasing advanced manufacturing and fastening solutions.
Read moreAuto & Auto Components
AmpereHour Opens 5 GWh BESS Manufacturing Facility in Pune
The Chakan facility will integrate Make in India battery blocks and digitally validated energy storage systems for utility-scale and industrial applications.
Read moreElectrical & Electronics
IESA Backs Rs 625 billion PLI 2.0 for Electronics Manufacturing
IESA has welcomed the Rs 625 billion PLI 2.0 scheme, citing its potential to sustain manufacturing growth and advance India’s US$400 billion electronics goal.
Read moreRelated Products
Oil Mist Collector System / Oil Fumes Extraction Systems
OILS, LUBRICANTS & FILTRATION SYSTEMS
Amaricar Engineering & Systems Pvt Ltd offers a wide range of oil mist collector system / oil fumes extraction systems.
Stainless Steel Hydraulic Oil Filters
OILS, LUBRICANTS & FILTRATION SYSTEMS
M T B Filter Industries offers a wide range of stainless steel hydraulic oil filters.
Mak Compressor Oils
OILS, LUBRICANTS & FILTRATION SYSTEMS
Interstate Supply Company offers a wide range of MAK compressor oils.
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
