RINL seeks to sell 13.89 acres land in Visakhapatnam

Rashtriya Ispat Nigam Limited (RINL) has sought proposal for sale of non-core surplus freehold land parcels at its Visakhapatnam project. The move comes at a time when RINL is eying measures to trim debt. According to the request for proposal (RFP) document, RINL wants to sell 13.89 Acres of non-contiguous land plots. In all, 111 plots coupled into 19 blocks will be auctioned.

The loan on RINL is estimated to be Rs 22,000 crore and annual debt servicing obligation is around Rs 3,000 crore.

The land being sold is spread across Visakhapatnam’s HB Colony, Maddilapalem, Auto Nagar, and Pedagantyada. NBCC (INDIA) Limited has been appointed as the Technical cum Transaction Advisor for the bids. Properties can be inspected till March 5, and pre-bid meeting is called on February 28. The e-auction will take place from March 14 onwards.

RINL also plans to sell its Rs 2,350-crore forged wheel plant in Raebareli, Uttar Pradesh to the Indian Railways. In addition to these, the company is also focused on securing a captive mine to meet iron ore requirements for its steel plant. It has already written to Odisha, Chhattisgarh, and Andhra Pradesh for recommending reservation of iron ore deposits. This plea had come after RINL participated in the e-auctions for allocation of iron ore mines but has not been able to bag them.

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