Malaysian state-owned energy company Petronas is set to invest $1.6bn in an Indian green ammonia venture, in a boost to New Delhi’s ambitions to export energy.
The investment by Petronas’s Gentari renewables division will give it a 30 per cent stake in a green ammonia company incorporated by the founders of Indian renewables group Greenko, one of India’s largest wind and solar power producers and energy storage operators, according to two people with direct knowledge of the deal and two people briefed on it.
It will be one of the top five biggest private capital raises in India so far this year, according to Dealogic data, and is the latest sign of international investor appetite for India’s growing renewable energy industry.
Read the full story on the Financial Times here.