GMR Infra's SEZ unit to sell 51% stake in Kakinada SEZ to Aurobindo Realty.

GMR Infrastructure Limited recently said it had signed an agreement to sell its stake in Kakinada SEZ Limited (KSEZ) to Aurobindo Realty.,

Its wholly-owned subsidiary GMR SEZ and Port Holding Limited (GSPHL) will sell its entire 51% stake in Kakinada SEZ Limited (KSEZ) to Aurobindo Realty and Infrastructure Private Limited (ARIPL).

Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is ₹2,610 crore. Out of the total consideration, ₹1,600 crore would be received on the closing date and balance ₹1,010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones.

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

The sale transaction shall be subject to receipt of regulatory and other statutory approvals.

HBL