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Rashtriya Ispat Nigam Limited (RINL) has launched a proposal for the sale of non-core surplus freehold land parcels at its Visakhapatnam project, aiming to streamline its debt obligations. The move seeks to address RINL's estimated loan burden of ₹22,000 crore, with an annual debt servicing obligation of approximately ₹3,000 crore.
According to the request for proposal (RFP) document, RINL intends to sell 13.89 acres of non-contiguous land plots, comprising 111 plots grouped into 19 blocks, for auction. The properties, located across Visakhapatnam's HB Colony, Maddilapalem, Auto Nagar, and Pedagantyada areas, are up for sale.
NBCC (India) Limited has been appointed as the Technical cum Transaction Advisor for the bids. Interested parties can inspect the properties until March 5, with a pre-bid meeting scheduled for February 28. The e-auction is set to commence from March 14 onwards.
In addition to the land sale initiative, RINL aims to divest its ₹2,350-crore forged wheel plant in Raebareli, Uttar Pradesh, to the Indian Railways. The company is also actively pursuing the acquisition of a captive mine to fulfil its iron ore requirements for its steel plant. RINL has reached out to Odisha, Chhattisgarh, and Andhra Pradesh, urging them to reserve iron ore deposits. This plea follows RINL's unsuccessful attempts to secure iron ore mines through e-auctions.
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