VISAKHAPATNAM: Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant, has intensified efforts to mobilise funds to meet its working capital requirement. The RINL has put 588 plots and 76 houses owned by it in Maddilapalem, Gajuwaka and Pedagantyada for sale. It has sent letters to the public sector undertakings to convey their interest to purchase the properties in full or part within 10 days. The RINL is expecting to get over Rs 1,000 crore through the sale of its properties.
The properties, which are put up for sale are 588 plots spread over 45 land parcels in 22.90 acres at HB Colony in Maddilapalem, 76 houses spread over four land parcels in an extent of two acres and eight houses and one land parcel of 434.75 sq yards at Old Health Centre in Pedagantyada. It is learnt the National Building Construction Corporation has shown interest in purchasing RINL properties. It will be known after the end of deadline for response from the PSUs.
Meanwhile, according to sources, tenders have been invited for the sale of the forged wheel plant set up by the RINL at Raebareli in Uttar Pradesh after shortlisting EOIs received for it. The RINL is expected to get Rs 2,000 crore from the sale of the forged wheel plant. The sale proceeds will give relief to the cash-strapped RINL to a certain extent.
Visakha Ukku Parirakshana Porata Committee chairman D Adinarayana said the plots put up for sale were acquired by the RINL for employees’ housing and they are lying idle now. The government should provide Rs 5,000 crore to the RINL as working capital to run the steel plant operations smoothly, he demanded.