GMR Infrastructure on Friday stated the 51% stake it holds in Kakinada SEZ (KSEZ) by a completely owned subsidiary is being bought to Aurobindo Realty and Infrastructure (ARIPL), in a ₹2,610-crore deal.
As a part of the transaction, the 100% fairness of Kakinada Gateway Port (KGPL) held by KSEZ will even be transferred to Aurobindo Realty, a GMR Infrastructure launch stated.
Total consideration for the sale of fairness stake in addition to the sub-debt in KSEZ is ₹2,610 crore. Of this, ₹1,600 crore could be acquired on the time limit and the steadiness within the subsequent 2 to three years contingent upon sure milestones. The proceeds will assist cut back GMR Group debt.
KSEZ is implementing a port-based particular financial zone venture at Kakinada in A.P. Kakinada Gateway Port has the concession granted by State authorities to arrange a greenfield business port in Kona village within the district, the discharge stated.