GMR sells 51% Stake in Kakinada SEZ to Aurobindo Realty

Announcing the Group’s divestment of the entire stake in Kakinada SEZ, GMR Infrastructure Limited stated its selling the 51 per cent equity to Aurobindo Realty and Infrastructure Private Limited (ARIPL). The proposed sale is part of the transfer of stake of KSEZ, along with it the 100 per cent equity stake of Kakinada Gateway Port Limited (KGPL) held by KSEZ would also be transferred to Aurobindo Realty. The stake sale is valued at Rs 2,610 crore, of which Rs1,600 crores would be received on the closing date and balance Rs 1,010 crore would be received in the next two to three years. The sale transaction shall be subject to receipt of regulatory and other statutory approvals. 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 state government to set up a greenfield commercial port in Kona Village in the district.