GMR receives first tranche of Rs 1,692 cr for divestment of Kakinada SEZ stake

GMR Infrastructure Limited announced on Friday that it has received the first tranche towards the sale of its entire 51 per cent stake owned by its subsidiary GMR SEZ and Port Holdings Limited in Kakinada SEZ Limited. The company said that 74 per cent equity stake of Kakinada Gateway Port that’s held by Kakinada SEZ has also been transferred to Aurobindo Realty and Infrastructure.

Total consideration towards the sale of equity stake in Kakinada SEZ is Rs 2,719 crore, out of which Rs 1,692 crore has been received by GMR. The remaining Rs 1,027 crore will be transferred to GMR in the next two-three years, on the basis of certain agreed milestones.

GMR will use the proceeds from the divestment to pare the group’s debts.

Kakinada SEZ is engaged in the business of implementation of a port-based multi-product special economic zone project at Kakinada, East Godavari district of Andhra Pradesh. Kakinada Gateway Port has been approved to set up a greenfield commercial port in Kona Village in the same district.

GMR is the largest private airport operator in Asia and fourth largest globally. It operates the Indira Gandhi International Airport in Delhi. It also runs the greenfield Hyderabad Airport, and the Mactan Cebu International Airport in Cebu, Philippines.

The group is also developing three major greenfield airport projects across India and Greece, including Goa, Visakhapatnam and Crete.

GMR has a 4,995 MW energy business and an infrastructure division with four operating roads and highway projects spanning over 1,450 lane km.

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