The Visakhapatnam Steel Plant (RINL-VSP) is considering monetizing its properties across major Indian cities to improve its financial liquidity.

This initiative comes despite assurances from the National Democratic Alliance (NDA) governments at both the state and central levels to support RINL-VSP in overcoming its financial challenges.

The properties identified for potential sale are located in Mumbai, Delhi, Chennai, Bengaluru, Hyderabad, and Pune, with a total estimated market value of ₹476.18 crore.

According to sources within RINL-VSP, the primary goal of this monetization drive is to generate necessary funds to address liquidity issues.

Notable properties listed for monetization include:

An office building in Mumbai (214 sq m, ₹12.51 crore)
Seven flats in Goregaon East, Mumbai (528 sq m, ₹10.91 crore)
Four flats in Koperkhairane, Mumbai (261 sq m, ₹2.90 crore)
Two flats in Kalamboli, Mumbai (108 sq m, ₹61 lakh)
An office building in Bhikaji Cama Place, New Delhi (350 sq m, ₹16 crore)
An office building in Faridabad (186 sq m, ₹1.42 crore)
An office building in Hyderabad (1 acre, ₹12.15 crore)
An office building in Bengaluru (424 sq m, ₹6.50 crore)
A stockyard in Chennai (13.2 acres, ₹191.73 crore)
A stockyard in Hyderabad (22 acres, ₹220 crore)
An office building in Pune (₹1.45 crore)

The board has received in-principle approval to expedite the sale of these properties, which are valued at ₹476.18 crore. Independent directors from the Marketing and Finance departments have recommended accelerating this process to address the current liquidity crisis.

The large land parcels in Hyderabad and Chennai were originally purchased for steel storage and stockyards, with the Hyderabad property acquired from the erstwhile AP Industrial Corporation in 1991, and the Chennai property from the Chennai Metropolitan Development Authority in 1987. These stockyards have been crucial for distributing steel across Central, Western, and Southern India.

J. Ayodhya Ram, convener of the RINL-VSP Ukku Porata Committee, has voiced strong opposition to the monetization plan. "The stockyards at Hyderabad and Chennai have been vital for RINL in selling steel for the last three decades.

We believe there is a high-level conspiracy to undermine RINL-VSP, which is the right of Andhrites. Instead of addressing the plant's financial crisis, authorities are toying with the sentiments and interests of the steel plant employees, their families, and the local community. We will not tolerate this," he said.

An anonymous RINL-VSP management official confirmed that while the monetization proposals are under consideration, the process is still in its early stages and nothing concrete has been decided yet.

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