Visakhapatnam Steel Plant Land Auction

The e-auction of land parcels owned by Rashtriya Ispat Nigam Limited (RINL), which operates the Visakhapatnam Steel Plant, received an encouraging response on the opening day. Conducted by the National Land Monetisation Corporation (NLMC), the auction generated successful bids worth ₹366.33 crore, exceeding the combined reserve price of ₹312.48 crore. A total of 150 plots were sold during the first phase.
The auction witnessed strong competition among prospective buyers, with the highest bid crossing ₹1.80 lakh per square yard in some locations. The successful bids represented a premium of 17.23% over the reserve price. NLMC described the outcome as a significant milestone in its efforts to monetise surplus public-sector assets through a transparent e-auction process.