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GMR Infrastructure receives total first tranche consideration

Friday, 13 Aug 2021

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GMR Infrastructure (GIL) has announced the receipt of total first tranche consideration towards the sale of equity owned by its wholly-owned subsidiary GMR SEZ and Port (GSPHL) of its entire 51 percent stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure (ARIPL).

As part of the transfer of stake of KSEZ and in terms of regulatory requirements, the 74 percent equity stake of Kakinada Gateway Port (KGPL) held by KSEZ is also being transferred to Aurobindo Realty.

The total revised consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2,719 crore. Out of the total consideration, Rs 1,692 crore (first tranche consideration) is received and the balance Rs 1,027 crore will be received in the next two to three years which is contingent upon certain agreed milestones.

Most of the divestment proceeds are primarily used to reduce the indebtedness of the Group.

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 government of Andhra Pradesh to set up a greenfield commercial port in Kona village of the East Godavari district.