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GMR Infrastructure to sell 51% stake in Kakinada SEZ to Aurobindo Realty

GMR Infrastructure on Friday said, “Its unit has agreed to sell its share in Kakinada SEZ (KSEZ) to Aurobindo Realty.

In a filing with the Bombay Stock Exchange, GMR Infrastructure said, “Its GMR SEZ and Port holding (GSPHL), has agreed to sell its entire 51 percent stake in Kakinada SEZ to Aurobindo Realty and Infrastructure.”

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“The total consideration for the stake sale, as well as the sub-debt in Kakinada SEZ, is Rs 2,610 crore of their amount, Rs 1,600 crore would be received on the closing date and balance of Rs 1,010 crore would be received in the next 2 to 3 years which is contingent upon certain agreed milestones,” the statement said.

Adding to the statement, GMR Infrastructure said, “As part of the proposed transfer of the stake of KSEZ, the 100% equity stake of Kakinada Gateway Port Limited (KGPL) hold by KSEZ would also be transferred to Aurobindo Realty.”