 "GMR to sell 51% stake in Kakinada SEZ to Aurobindo Realty at Rs 2,610 Crore")
GMR Infrastructure Limited on Friday announced divestment of the group's entire stake in Kakinada SEZ Limited (KSEZ).
The company in a statement said that the GMR SEZ and Port Holding Limited, a subsidiary of GMR Infra, is selling the 51 per cent equity to Aurobindo Realty and Infrastructure Private Limited (ARIPL).
The proposed sale is part of the transfer of stake of KSEZ, along with it the 100 per cent equity stake of Kakinada Gateway Port Limited (KGPL) held by KSEZ would also be transferred to Aurobindo Realty.
The stake sale is valued at Rs 2,610 crore, of which Rs1,600 crores would be received on the closing date and balance Rs 1,010 crore would 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 shall be subject to receipt of regulatory and other statutory approvals, the release added.
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