GMR Infrastructure on Friday said the 51% stake it holds in Kakinada SEZ (KSEZ) through a wholly owned subsidiary is being sold to Aurobindo Realty and Infrastructure (ARIPL), in a ₹2,610-crore deal.
As part of the transaction, the 100% equity of Kakinada Gateway Port (KGPL) held by KSEZ will also be transferred to Aurobindo Realty, a GMR Infrastructure release said.
Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is ₹2,610 crore. Of this, ₹1,600 crore would be received on the closing date and the balance in the next 2 to 3 years contingent upon certain milestones. The proceeds will help reduce GMR Group debt.
KSEZ is implementing a port-based special economic zone project at Kakinada in A.P. Kakinada Gateway Port has the concession granted by State government to set up a greenfield commercial port in Kona village in the district, the release said.