Rashtriya Ispat Nigam Limited (RINL) is seeking proposals for the sale of non-core surplus freehold land parcels at its Visakhapatnam project in order to reduce its debt. The company plans to sell 13.89 acres of non-contiguous land plots, which are spread across areas in Visakhapatnam like HB Colony, Maddilapalem, Auto Nagar, and Pedagantyada. The land will be auctioned off in 19 blocks consisting of 111 plots. The debt on RINL is currently estimated to be Rs 22,000 crore, with an annual debt servicing obligation of around Rs 3,000 crore.
RINL has appointed NBCC (INDIA) Limited as the Technical cum Transaction Advisor for the bids. Interested parties can inspect the properties till March 5, and a pre-bid meeting has been scheduled for February 28. The e-auction will take place from March 14 onwards.
In addition to the land sale, RINL also plans to sell its forged wheel plant in Raebareli, Uttar Pradesh to the Indian Railways. The plant is valued at Rs 2,350 crore. Furthermore, the company is focused on securing a captive mine to meet its iron ore requirements for the steel plant. RINL has already approached Odisha, Chhattisgarh, and Andhra Pradesh for recommending the reservation of iron ore deposits. This move comes after RINL participated in e-auctions for the allocation of iron ore mines but was unsuccessful in acquiring them.
