New Delhi, Aug 13 (SocialNews.XYZ) GMR Infrastructure Ltd (GIL) on Friday said it has received the total 'First Tranche Consideration' towards divestment of the group's entire stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure Private Ltd (ARIPL).
GIL's wholly-owned subsidiary GMR SEZ and Port Holdings (GSPHL) has divested its entire 51 per cent stake in the KSEZ.
"As part of the said transfer of stake of the KSEZ and in terms of regulatory requirements, the 74 per cent equity stake of Kakinada Gateway Port (KGPL) held by KSEZ is also being transferred to Aurobindo Realty," the company said in a statement.
The total revised consideration for the sale of equity stake as well as the sub-debt in the KSEZ is Rs 2,719 crore.
"Out of the total consideration, Rs 1,692 crore ('First Tranche Consideration') is received and balance Rs 1,027 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones."
"The majority of the divestment proceeds are primarily used to reduce the indebtedness of the Group."
The KSEZ is engaged in the business of implementation of a port based multi-product special economic zone project at Kakinada, in Andhra Pradesh's East Godavari District.
Source: IANS
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