GMR buys 51% in Kakinada SEZ

BANGALORE: GMR Infrastructure subsidiary GMR SEZ & Port Holdings has signed an agreement to acquire 51% stake in Kakinada SEZ Pvt Ltd. IL&FS and Kakinada Sea Port together hold 46% while Andhra Pradesh Industrial Infrastructure own 3% stake in the project.

The Rs 25,600 crore Kakinada SEZ is in the business of developing a portbased multi-product SEZ at Kakinada, Andhra Pradesh, a Bombay Stock Exchange statement said. The deep-water port will be completed in two stages which also invovles developing 4000 acres and augmenting external infrastructure for KSEZ.

Around Rs 1,250 crore will be spent on the first phase of the project, scheduled for completion within a year's time. The remaining Rs 750 crore will go into the second phase of the three-year project.