GMR Infrastructure Limited on Friday 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.