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28 Oct 2020, 20:35 HRS IST
  • PTI
  • GMR to sell 51 per cent stake in Kakinada SEZ to Aurobindo Realty

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9:36 HRS IST

Hyderabad, Sep 25 (PTI) GMR Infrastructure Ltd on Friday

announced signing of definitive agreements for the sale of entire 51 per cent equity owned by its wholly owned subsidiary GMR SEZ and Port Holding Ltd (GSPHL) in Kakinada SEZ Ltd to Aurobindo Realty and Infrastructure Pvt Ltd.

As part of the proposed transfer of stake of KSEZ, the 100 per cent equity stake of Kakinada Gateway Port Ltd held by KSEZ would also be transferred to Aurobindo Realty,a press release from the infra major said.

Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2610 crore.

Out of the total consideration, Rs 1,600 crore would be received on the closing date and balance Rs 1,010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones, it said.

KSEZ is engaged in the business of implementation of a port based multi-product special economic zone project at Kakinada, East Godavari District, Andhra Pradesh and KGPL has the concession granted by the state government to set up a greenfield commercial port in Kona Village in the district.

The sale transaction shall be subject to receipt of regulatory and other statutory approvals, the release added.

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