VISAKHAPATNAM: The National Land Monetisation Corporation (NLMC), on behalf of Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant (VSP), is set to e-auction 459 plots in the city.
The proposed auction was announced by NLMC recently, with the corporation stating that the plots were being offered on behalf of RINL. The move is expected to bring a sizeable parcel of land in established industrial locations into the monetisation process.
According to the details available so far, 456 plots are located at HB Colony in Maddilapalem, while Blocks 2 and 3 at Auto Nagar in Gajuwaka also form part of the proposed auction. The approximate value of the properties has been indicated as Rs 900 crore, though details such as the reserve prices of plots, the total extent of land, auction schedule and eligibility conditions are yet to be released.
“459 plots. One significant opportunity in Visakhapatnam,” NLMC said in its August 29 post on X, adding that further details would be announced soon.
The proposed e-auction is part of NLMC’s mandate to monetise surplus and underutilised land and building assets held by Central Public Sector Enterprises (CPSEs) and government agencies.
The corporation was incorporated on June 3, 2022, under the administrative control of the Department of Public Enterprises, Ministry of Finance. NLMC is tasked with unlocking the economic value of surplus and non-core land and buildings through sale or lease. It also assists CPSEs undergoing strategic disinvestment or closure in monetising their assets.
Land auction in focus amid asset sale plan
The proposed auction of RINL’s land parcels assumes significance as the Centre has been pursuing asset monetisation measures involving Visakhapatnam Steel Plant.
RINL, which operates the plant, owns sizeable land parcels in different parts of Visakhapatnam.
With a large number of plots proposed to be put up for e-auction, details of the location, size, reserve price and permitted use of individual parcels are likely to be closely watched by prospective bidders once NLMC issues the detailed auction notification.
