GMR Infrastructure To Sell Kakinada SEZ, Port Biz To Aurobindo Realty
According to the deal, the 100 per cent equity stake of Kakinada Gateway Port held by KSEZ would also be transferred to Aurobindo Realty
Topics
GMR Infrastructure | kakinada
Jyoti Mukul |
Vehicles cross through an underpass constructed by GMR Infrastructure that connects to the airport in New Delhi
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 & Urban Infra, while having an independent aviation company. GIL is currently the holding company for all its businesses.
Total consideration for the sale of equity stake as well as the sub-debt in Kakinada SEZ is Rs 2,610 crore, the company said in a statement. Of the total consideration, Rs 1,600 crore would be received on the closing date and the balance over the next two to three years, which is contingent upon certain agreed milestones related to regulatory approvals and other conditions.
GMR Infrastructure has gross debt of about Rs 32,100 crore and net debt of Rs 26,300 crore as of March 2020.
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First Published: Sat, September 26 2020. 01:20 IST
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