GMR Infrastructure Limited (GIL) is divesting its entire 51 per cent stake in Kakinada Special Economic Zone (KSEZ), amounting up to Rs 2,610 crore to reduce indebtedness.

In a press statement, GIL stated, “GIL today announced signing of definitive agreements for the sale of equity owned by its wholly-owned subsidiary GMR SEZ and Port Holding Limited (GSPHL) of its entire 51 per cent stake in Kakinada SEZ to Aurobindo Realty and Infrastructure Private Limited (ARIPL). GIL would receive Rs 1,600 crore first and the balance Rs 1,010 crore in the next 2-3 years, contingent to some agreed milestones. “As part of the proposed transfer of stake of KSEZ, the 100 percent equity stake of Kakinada Gateway Port Limited (KGPL) held by KSEZ would also be transferred to Aurobindo Realty,” the GIL said in a statement.