In a strategic maneuver to alleviate its financial strain, Rashtriya Ispat Nigam Limited (RINL), the corporate entity overseeing Visakhapatnam Steel Plant (VSP), is opting to lease out two of its prized assets – Ukku House and Gangavaram Guest House. This decision comes on the heels of earlier efforts to auction off non-core assets.

Ukku House, sprawled across five acres of picturesque landscape, boasts 116 rooms along with banquet halls, a restaurant, and a kitchen.

Strategically located near Andhra MedTech Zone, pharmaceutical companies, and major government industries like NTPC Simhadri, its proximity to scenic beaches such as Appikonda, Yarada, and NTPC Beach adds to its allure.

Meanwhile, Gangavaram Guest House, nestled along Gangavaram beach with stunning vistas of the Bay of Bengal and the mountains, stands adjacent to Adani Gangavaram Port.

Expressions of Interest (EoI) have been solicited from prospective entrepreneurs, with proposals expected by April 15th. RINL-VSP aims to lease these properties for approximately 30 years for operation and maintenance.

A senior RINL-VSP official emphasized, “The objective is to monetize these guest houses, ensuring immediate and sustained cash flows. We seek a partner agency or hotel operator who can effectively manage operations over the long term.”

However, not all stakeholders are in favor of this decision. CITU honorary president J. Ayodhya Ram denounced the move, labeling it as anti-worker and warning against potential risks of leasing out properties near critical government institutions.

Despite dissenting voices, RINL-VSP remains resolute in its endeavor to navigate through financial challenges.

These guest houses, once abodes to dignitaries and featured in cinematic productions, now stand as potential assets to be leveraged for the company’s stability and growth.

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