GMR Infrastructure has signed definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding (GSPHL) of its entire 51% stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure (ARIPL). As part of the proposed transfer of stake of KSEZ, the 100% equity stake of Kakinada Gateway Port (KGPL) held by KSEZ would also be transferred to Aurobindo Realty.
Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is ₹ 2,610 crores. Out of the total consideration, ₹ 1,600 crores 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, 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.
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