Rashtriya Ispat Nigam Limited (RINL), the corporate entity
overseeing Visakhapatnam Steel Plant (VSP), has announced plans to sell a
portion of its non-core assets spanning 13.89 acres, with a reserve price of
₹480 crore, in a bid to address its financial difficulties.
The decision comes as part of
RINL's ongoing efforts to bolster its financial position.
The Request for Proposal (RFP)
was issued earlier this month, setting the stage for an upcoming e-auction
scheduled to commence on March 14, following a pre-bid meeting on February 28.
Interested parties are required
to submit earnest money deposits by March 5.
In a recent development, a
meeting was held on the premises of the steel plant, attended by
representatives from National Buildings Construction Corporation (NBCC),
RINL-VSP, and National Land Monetisation Corporation (NLMC), aimed at
addressing inquiries from potential buyers regarding the assets up for
sale.
The meeting witnessed participation from over 125 investors,
bankers, developers, and individual bidders, indicating significant interest in
the property being offered.
The non-core assets, located
across various plots in Visakhapatnam city, comprise land measuring 13.89 acres
in total. These include plots in HB Colony-Maddilapalem, Auto Nagar, and
Pedagantyada.
The plots in HB Colony range in
size from 129 to 450 square yards, with reserve prices varying between ₹70,200
to ₹85,800 per square yard.
Auto Nagar features blocks
ranging from 1,676 to 2,895 square yards, with reserve prices between ₹30,000
to ₹32,000 per square yard.
Additionally, a single block in
Pedagantyada, spanning 435 square yards, has a reserve price of ₹20,500 per
square yard.
The e-auction process,
facilitated through the issuance of Request for Proposal, aims to streamline
the sale of these assets, providing an opportunity for interested parties to
acquire prime real estate within Visakhapatnam while assisting RINL in its
financial restructuring efforts.