Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) is seeking proposals for the sale of 13.89 acres of surplus land at its steel mill site, to raise funds and tide over its liquidity crisis, company sources said on Friday, February 23.
The sources said that the sale would be for 13.89 acres of non-contiguous land available at its steel mill site at Vishakhapatnam in the southern state of Andhra Pradesh and the sale is part of the company’s program to monetize idle assets and raise fresh funds.
RINL has aggregate debts of around $2.77 billion entailing interest liability of $361 million per year.
The sources stated that government-owned builder NBCC Limited has been appointed as technical and transaction advisor and the land and properties are open for inspection until March 5. The sale will be done via e-auction on March 15.
