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Amicus, Khaitan, Trilegal advise RFCL, EIL on Ramagundam’s $181m mega revival project

Telengana-based Ramagundam Fertilizers & Chemicals, a 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, as per the EGM report by RFCL and the press release by Haldor Topsoe A/S. 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 together with natural gas processing and distribution company, GAIL India and the State of Telangana acquiring 14.3%. The partners have agreed on a shared investment in the Ramagundam fertilizer plant, which is scheduled to begin operation in the second quarter of 2019 as the first of the revival projects.

Amicus Advocates advised Ramagundam Fertilizers & Chemicals in the drafting of the shareholders agreement, negotiating and 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 and 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 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.


This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

Click here if you are working with a law firm that has not been credited for this deal, and we will update the report promptly.

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