Team Hello Vizag
The National Land Monetization Corporation (NLMC), under the Department of Public Enterprises, Ministry of Finance, has successfully concluded the second phase of the e-auction of land parcels belonging to Rashtriya Ispat Nigam Limited (RINL), the operator of Visakhapatnam Steel Plant.
Conducted on November 3, 2026, the second phase generated successful bids worth ₹218 crore from the auction of 114 land parcels. The bids exceeded the aggregate reserve price of ₹184.81 crore by 17.96%, according to the Ministry of Finance.
Competitive Bidding for Land Parcels
The second phase recorded a highest successful bid of ₹1,82,650 per square yard. The highest premium over the reserve price for an individual plot stood at 67.65%.
The auction was conducted through a structured online process aimed at monetising surplus public assets through transparent and competitive bidding.
Combined Auction Value Reaches ₹584.33 Crore
With the completion of the first two phases, NLMC has successfully auctioned 264 land parcels, generating a combined bid value of ₹584.33 crore against a total reserve price of ₹497.29 crore.
The first phase, held on October 12, 2026, saw 150 land parcels auctioned for ₹366.33 crore, recording a premium of 17.23% over the reserve price.
| Auction phase | Parcels auctioned | Successful bids | Premium |
|---|---|---|---|
| Phase I | 150 | ₹366.33 crore | 17.23% |
| Phase II | 114 | ₹218 crore | 17.96% |
| Combined | 264 | ₹584.33 crore | 17.50% |
Third Auction Round Planned
NLMC is planning a third round of e-auction for the remaining unsold land parcels, subject to applicable approvals and conditions. The schedule and further details are expected to be announced separately.
The RINL land auction marks NLMC’s first end-to-end e-auction initiative, covering asset preparation, transaction structuring, investor outreach, bidder facilitation and online competitive bidding.
The exercise forms part of the Government of India’s broader efforts to unlock the value of surplus and underutilised public assets held by Central Public Sector Enterprises and other government entities.
