Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) has received interest from 75 prospective bidders for its sale of 13.89 acres of idle land to raise fresh funds by monetizing its idle assets, company sources said on Thursday, February 29.
According to the sources, 75 prospective buyers of the land attended a pre-bid meeting held by RINL on February 28.
The company had set a reserve price of INR 4.8 billion ($58 million) with the potential for raising an estimated INR 10 billion ($120 million) from bidding at the auction.
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 as working capital and to reduce accumulated debt.
RINL has an aggregate debt of around $2.77 billion, entailing interest liability of $361 million per year.
The auction has been scheduled for March 14, 2024.
