GMR receives first tranche for stake sale in Kakinada SEZ

As part of the transfer of stake of KSEZ and in terms of regulatory requirements, the 74 per cent equity stake of Kakinada Gateway Port held by KSEZ is also being transferred to Aurobindo Realty.

Hyderabad: GMR Infrastructure said it received its first tranche consideration towards the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holdings of its entire 51 per cent stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure.

As part of the transfer of stake of KSEZ and in terms of regulatory requirements, the 74 per cent equity stake of Kakinada Gateway Port held by KSEZ is also being transferred to Aurobindo Realty.

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Total revised consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2,719 crore. Out of the total consideration, Rs 1,692 crore has been received and the balance Rs 1,027 crore would be received in next 2-3 years, which is contingent upon certain agreed milestones.

The majority of the divestment proceeds are primarily used to reduce the indebtedness of the Group.

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 Government of Andhra Pradesh to set up a greenfield commercial port in Kona Village of the East Godavari District of Andhra Pradesh.*8/5rf+/

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