Aurobindo Realty to acquire a 51% stake in Kakinada SEZ from GMR for $353m.

Aurobindo Realty and Infrastructure, a real estate investment holding company, agreed to acquire a 51% stake in Kakinada SEZ, a port construction services provider from GMR Infrastructure, a REIT, for $353m. The proceeds will be used majorly to reduce indebtedness of the group. The sale transaction shall be subject to receipt of regulatory and other statutory approvals.