Rashtriya Ispat Nigam Limited (RINL), the corporate entity overseeing Visakhapatnam Steel Plant (VSP), has announced plans to sell a portion of its non-core assets spanning 13.89 acres, with a reserve price of ₹480 crore, in a bid to address its financial difficulties.

The decision comes as part of RINL's ongoing efforts to bolster its financial position.

The Request for Proposal (RFP) was issued earlier this month, setting the stage for an upcoming e-auction scheduled to commence on March 14, following a pre-bid meeting on February 28.

Interested parties are required to submit earnest money deposits by March 5.

In a recent development, a meeting was held on the premises of the steel plant, attended by representatives from National Buildings Construction Corporation (NBCC), RINL-VSP, and National Land Monetisation Corporation (NLMC), aimed at addressing inquiries from potential buyers regarding the assets up for sale. 

The meeting witnessed participation from over 125 investors, bankers, developers, and individual bidders, indicating significant interest in the property being offered.

The non-core assets, located across various plots in Visakhapatnam city, comprise land measuring 13.89 acres in total. These include plots in HB Colony-Maddilapalem, Auto Nagar, and Pedagantyada.

The plots in HB Colony range in size from 129 to 450 square yards, with reserve prices varying between ₹70,200 to ₹85,800 per square yard.

Auto Nagar features blocks ranging from 1,676 to 2,895 square yards, with reserve prices between ₹30,000 to ₹32,000 per square yard.

Additionally, a single block in Pedagantyada, spanning 435 square yards, has a reserve price of ₹20,500 per square yard.

The e-auction process, facilitated through the issuance of Request for Proposal, aims to streamline the sale of these assets, providing an opportunity for interested parties to acquire prime real estate within Visakhapatnam while assisting RINL in its financial restructuring efforts.