GMR Infra sells 51% stake in Kakinada SEZ to Aurobindo Realty for Rs 2,610 crore

HYDERABAD: GMR Infra Friday announced the signing of agreements for the sale of its entire 51% stake in the Kakinada SEZ to Aurobindo Realty for Rs 2,610 crore. The SEZ’s subsidiary Kakinada Gateway Port will also be sold.

Out of the total consideration, Rs.1600 crore would be received on the closing date and balance Rs 1010 crore in the next 2 to 3 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. KGPL plans to set up a greenfield commercial port in Kona Village of the East Godavari Dist., of Andhra Pradesh.