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AP govt lifts restriction in concession pact to clear stake sale in Kakinada Gateway Port

AP govt waives distance norm to enable Aurobindo Realty pick stakes in 2 ports March 11, 2021 Infra developer to hold 74% and 26% to be with GMR SEZ & Port Holding The Andhra Pradesh government has allowed Aurobindo Realty and Infrastructure Pvt Ltd to acquire majority stakes in Kakinada Gateway Port Ltd (KGPL) and the nearby Kakinada Seaports Ltd by waiving a restriction in the concession agreement for KGPL that barred its developer and operator from holding over 25 per cent stake in another port located within 75 km. Since Kakinada Gateway Port and Kakinada Seaports Ltd are within the 75 km of each other, Aurobindo Realty could not have acquired controlling stake in the two ports without the waiver.

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