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GMR Infrastructure to sell 51 percent stake in Kakinada SEZ

Friday, 25 Sep 2020
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GMR Infrastructure has undertaken divestment of the group's entire stake in Kakinada SEZ (KSEZ).

The GMR SEZ and Port Holding, a subsidiary of GMR Infrastructure, is selling 51 percent equity to Aurobindo Realty and Infrastructure (ARIPL).

The proposed sale is part of the transfer of stake of KSEZ, along with it 100 percent equity stake of Kakinada Gateway Port (KGPL) held by KSEZ, would also be transferred to ARIPL.

The stake sale is valued at Rs 2,610 crore of which Rs 1,600 crore will be received on closing date and balance Rs 1,010 crore will be received in the next two to three years.

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.

The sale transaction will be subject to receipt of regulatory and other statutory approvals.

 
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