Visakhapatnam, November 04: Rashtriya Ispat Nigam Limited (RINL)’s land e-auction witnessed a strong response with successful bids worth Rs.218 crore generated for its non core land parcels. Conducted by the National Land Monetization Corporation (NLMC), the transparent online auction saw competitive bidding and delivered a 17.96% premium over the baseline reserve price.
The drive aimed to e-auction 114 residential land parcels in Autonagar, Visakhapatnam. The auction was conducted by the NLMC- a central PSU under the Ministry of Finance, attracting strong interest from real estate developers, prospective buyers and individual investors.
With a reserve price of ₹184.81 crore, competitive bidding raised the total winning bids to ₹218 crore. This means a premium of ₹33.19 crore, or 17.96%, over the minimum value. The sale proceeds will help RINL generate extra liquidity for its capital needs and financial restructuring.
The successful land sale demonstrated the effectiveness of centralised asset monetization frameworks for public sector enterprises, in a highly transparent and effective process.
The transparent e-auction process conducted by NLMC has delivered value realization well above market reserve benchmarks. Unlocking capital from non-core land holdings provides crucial financial flexibility for central public sector undertakings while boosting local economic development.
Industry analysts say that selling unused real estate helps public steel producers like RINL improve their liquidity without affecting their manufacturing operations. The strong demand for Autonagar plots shows there is high interest in Visakhapatnam’s commercial and residential real estate.
