GMR Infra receives ₹1,692 crore in first tranche of payment from KSEZ stake sale
Premium- GMR Group divested its entire 51% stake in Kakinada SEZ, proceeds to be used majorly to reduce indebtedness of the group
GMR Infrastructure on Friday announced the receipt of total first tranche consideration towards the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holdings Limited (GSPHL) of its entire 51% stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure Private.
Total revised consideration for the sale of equity stake as well as the sub-debt in KSEZ is ₹2,719 crore. Out of the total consideration, ₹1,692 crore (First tranche consideration) is received and balance ₹1,027 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones.
As part of the said transfer of stake of KSEZ and in terms of regulatory requirements, the 74% equity stake of Kakinada Gateway Port (KGPL) held by KSEZ is also being transferred to Aurobindo Realty, GMR Infra said.
The majority of the divestment proceeds are primarily used to reduce the indebtedness of the Group, the company said in a statement.
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.
GMR Group is a global infrastructure conglomerate with expertise in designing, building and operating Airports. It also has presence in areas of energy, transportation and urban infrastructure.
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