VISAKHAPATNAM: As part of the plan to monetise non-core assets of Rashtriya Ispat Nigam Limited (RINL), corporate entity of Visakhapatnam Steel plant (VSP), has decided to auction 13.75 acres, which have been divided into plots and blocks to raise at least Rs 1,000 crore to meet working capital needs of the plant. The lands will be auctioned on March 14 and 15.
The lands were acquired by RINL in 1980 for staff quarters and other needs. National Buildings Construction Corporation (NBCC), RINL and National Land Monetisation Corporation (NLMC) organised an investors meet in the city on Tuesday on monetisation of RINL assets located in Visakhapatnam.
RINL assets, which are put on sale, include 111 plots of 130 to 150 square yards and 14 blocks of 635 square yards to 5,400 square yards in HB Colony, four blocks of 1,600 to 2,900 square yards in Autonagar and one block in Peda Gantyada of 435 square yards.The purpose of the investors meet is to showcase the property (non-core assets) of RINL, besides attracting and also to clarify the queries of investors and others.
G Rajaram GM (Engineering), NBCC, G Gandhi, Chief General Manager (HR), RINL, and Rohin Koppuravuri, GM, NLMC, interacted with the investors and others at the meet. RINL owns different land plots/blocks admeasuring a total of 13.89 acres spread over at HB Colony, Maddilapalem (11.80 acres), Autonagar (2 acres), and Pedagantyada (0.089 acres) in Visakhapatnam. For the purpose of the request for proposal/e-auction, 67,277 square yards of land in the form of 130 plots/blocks are available for sale). The noncore assets of RINL will be sold through online e-auction (through Railtel) in a transparent manner, officials said.
The total value of the property at reserve price is approximately Rs 480 crore. RFP (Request for Proposal) has been issued on February 14 with date of pre-bid meeting on February 28. The last date for submission of EMD is March 5 and e-auction will start on March 14. The investors meet evoked an overwhelming response from investors, bankers, bidders, developers and different organisations, including CREDAI, besides individual bidders.