GMR institution divest its entire fifty one% stake in Kakinada SEZ by admin- Friday, August 13th, 2021 05:04:31 PM
GMR Infrastructure introduced the receipt of overall First Tranche Consideration in the direction of the sale of fairness owned by means of its totally owned subsidiary GMR SEZ and Port Holdings Ltd of its whole 51% stake in Kakinada SEZ Ltd to Aurobindo Realty and Infrastructure Private Ltd. As a part of the stated transfer of stake of KSEZ and in terms of regulatory necessities, the seventy four% equity stake of Kakinada Gateway Port Ltd held by KSEZ is likewise being transferred to Aurobindo Realty.
Total revised Consideration for the sale of fairness stake in addition to the sub-debt in KSEZ is Rs. 2,719 crores. Out of the total attention, Rs. 1692 crores is acquired and balance Rs. 1,027 crores could be received in next 2 to 3 years that’s contingent upon certain agreed milestones.
The majority of the divestment proceeds are ordinarily used to lessen the indebtedness of the Group. KSEZ is engaged within the business of implementation of a port based multi-product special monetary quarter venture at Kakinada, East Godavari District, Andhra Pradesh and KGPL has the Concession granted through the Govt. Of Andhra Pradesh to set up a greenfield commercial port in Kona Village of the East Godavari Dist. Of Andhra Pradesh.