GMR Infrastructure announced the sad demise of C R Murlidharan(DIN: 02443277), Independent Director of the Company on 08 October 2020.

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GMR Infrastructure announced the signing of definitive agreements for the sale of equity owned by its wholly owned subsidiary GMR SEZ and Port Holding (GSPHL) of its entire 51% stake in Kakinada SEZ (KSEZ) to Aurobindo Realty and Infrastructure (ARIPL). As part of the proposed transfer of stake of KSEZ, the 100% equity stake of Kakinada Gateway Port (KGPL) held by KSEZ would also be transferred to Aurobindo Realty.

Total consideration for the sale of equity stake as well as the sub-debt in KSEZ is Rs.2610 crore. Out of the total consideration, Rs.1600 crore would be received on the closing date and balance 1010 crore would be received in next 2 to 3 years which is contingent upon certain agreed milestones.

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.

The sale transaction shall be subject to receipt of Regulatory and other Statutory Approvals.

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GMR Infrastructure announced that the 24th Annual General Meeting (AGM) of the company will be held on 21 September 2020.

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Net Loss of GMR Infrastructure reported to Rs 833.87 crore in the quarter ended June 2020 as against net loss of Rs 336.12 crore during the previous quarter ended June 2019. Sales declined 43.66% to Rs 1006.43 crore in the quarter ended June 2020 as against Rs 1786.25 crore during the previous quarter ended June 2019.

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