Hyderabad: GMR Infrastructure Limited on September 25 announced the signing of definitive agreements for the sale of equity owned by its wholly-owned subsidiary GMR SEZ and Port Holding Limited.
The company will sell its entire 51 per cent stake in Kakinada SEZ Limited to Aurobindo Realty and Infrastructure Private Limited (ARIPL).
“As part of the proposed transfer of stake of KSEZ, the 100% equity stake of Kakinada Gateway Port Limited (KGPL) held by KSEZ would also be transferred to Aurobindo Realty,” said GMR in its statement.
GMR also said that the total consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs.2,610 crores. The company will receive Rs.1,600 crores on the closing date of the deal and balance 1,010 crores will receive 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, Andhra Pradesh and KGPL has the Concession granted by the Govt. of Andhra Pradesh to set up a greenfield commercial port in Kona Village of the East Godavari Dist., of Andhra Pradesh.
The sale transaction shall be subject to receipt of Regulatory and other Statutory Approvals.