GMR Infrastructure to sell Kakinada SEZ, port biz to Aurobindo Realty

GMR Infrastructure (GIL) on Friday announced signing of definitive agreements for the sale of 51 per cent equity owned by its wholly-owned subsidiary GMR SEZ and Port Holding in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure.

According to the deal, the 100 per cent equity stake of Kakinada Gateway Port held by KSEZ would also be transferred to Aurobindo Realty. This is also the latest in its larger plan to sell off some of its non-aviation businesses while not completely exiting non-aviation infrastructure segments.

As part of restructuring through demerger and deleveraging, it wants to place non-aviation business under GMR Power