New Delhi, Sept. 25 -- : Cash-strapped GMR Infrastructure on Friday announced signing of definitive agreements for sale of entire 51 per cent equity owned by its wholly-owned subsidiary GMR SEZ and Port Holding in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure.
As part of the proposed transfer of stake of KSEZ, the 100 per cent equity stake of Kakinada Gateway Port held by KSEZ will also be transferred to Aurobindo Realty. Total consideration for the sale of equity stake as well as sub-debt in KSEZ is Rs 2,610 crore.
Out of the total consideration, Rs 1,600 crore will be received on the closing date and balance Rs 1,010 crore will be received in next two to three years which is contingent upon certain agreed milestones, GMR In...