/press-releases

- GMR Group divested its entire 51% stake in Kakinada SEZ Limited
- Proceeds are used majorly to reduce indebtedness of the Group

New Delhi, August 13, 2021: GMR Infrastructure Limited (“GIL” or “Company”) today announced the receipt of total First Tranche Consideration towards the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holdings Limited (“GSPHL”) of its entire 51% stake in Kakinada SEZ Limited (“KSEZ”) to Aurobindo Realty and Infrastructure Private Limited (“ARIPL”). As part of the said transfer of stake of KSEZ and in terms of regulatory requirements, the 74% equity stake of Kakinada Gateway Port Limited (“KGPL”) held by KSEZ is also being transferred to Aurobindo Realty.

Total revised Consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs. 2,719 crores. Out of the total consideration, Rs. 1692 crores (“First Tranche Consideration”) is received and balance Rs. 1,027 crores 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.

KSEZ is engaged in the business of implementation of a port based multi-product special economic zone project at Kakinada, East Godavari District, Andhra Pradesh and KGPL has the Concession granted by the Govt. of Andhra Pradesh to set up a greenfield commercial port in Kona Village of the East Godavari Dist. of Andhra Pradesh.

About GMR Group

GMR Group is a leading global infrastructure conglomerate with unparalleled expertise in designing, building and operating Airports. It also has significant presence in areas of Energy, Transportation and Urban Infrastructure. GMR is the largest private airport operator in Asia and fourth largest globally, with passenger capacity in excess of 178 million annually. It operates the iconic Delhi Airport, which is the largest and fastest growing airport in India. It also runs Hyderabad Airport, a pioneering greenfield airport known for several technological innovations. The company is also operating the architecturally renowned Mactan Cebu International Airport in Cebu, Philippines, in partnership with Megawide.

The Group is currently developing three major greenfield airport projects across India and Greece. Goa and Visakhapatnam airports in India are poised to transform the economy and landscape of the surrounding areas when ready. Crete airport in Greece will similarly play a significant role in the local economy of the region. GMR is also developing unique airport cities on commercial land available around its airports.

The Group’s Energy business has a diversified portfolio of around 4,995 MW. Transportation and Urban Infrastructure division of the Group has four operating roads and highway projects spanning over 1450 lane kilometres. GMR is also developing multi-focus Special Investment Regions at various locations in India.

GMR Group’s underlying philosophy is to work closely with and support the local communities wherever it is present. Towards this, GMR Varalakshmi Foundation (GMRVF), the CSR arm of the group, focuses on improving the quality of life of people by enhancing skills, providing education and developing healthcare infrastructure and services.

For further information about GMR Group, visit Home Page

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For Further Information, please contact:

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  • Tushar Makkar
  • Group Chief Communications Officer

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