GMR Infrastructure has signed definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding (GSPHL) of its entire 51% stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure (ARIPL). As part of the proposed transfer of stake of KSEZ, the 100% equity stake of Kakinada Gateway Port (KGPL) held by KSEZ would also be transferred to Aurobindo Realty.
Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs 2610 crore. Out of the total consideration, Rs 1600 crore would be received on the closing date and balance 1010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones.
GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.
| Company Name | CMP |
|---|---|
| Dreamfolks Services | 82.84 |
| GMR Airports | 96.36 |
| View more.. | |
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