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The government's land monetisation exercise involving Rashtriya Ispat Nigam Limited (RINL) has generated successful bids worth Rs 584.33 crore from the auction of 264 land parcels across two phases, with the National Land Monetization Corporation (NLMC) planning a third round shortly to sell the remaining plots.
The second phase of the e-auction, conducted on November 3 in Visakhapatnam, generated successful bids worth Rs 218 crore from 114 land parcels, against an aggregate reserve price of Rs 184.81 crore. The bids represented a premium of 17.96 per cent over the reserve price, the Ministry of Finance said in a release on Wednesday. With this, the combined value of successful bids across both phases reached Rs 584.33 crore, against a total reserve price of Rs 497.29 crore, representing an overall premium of 17.50 per cent. In the first phase, conducted on October 12, NLMC had auctioned 150 land parcels, generating bids worth Rs 366.33 crore against a reserve price of Rs 312.48 crore, at a premium of 17.23 per cent. The highest successful bid in the second phase was Rs 1,82,650 per square yard, while the highest premium recorded for an individual plot stood at 67.65 per cent. The latest auction marks the completion of NLMC's first end-to-end e-auction initiative, covering asset preparation, transaction structuring, investor outreach, bidder facilitation and online competitive bidding. The corporation said the completion of both phases within a month had strengthened its capacity to undertake similar monetization exercises involving surplus land and other immovable assets of Central Public Sector Enterprises (CPSEs) and government entities. Building on the outcome, NLMC plans to conduct a third round of e-auction for the remaining unsold land parcels shortly, subject to applicable approvals and conditions. The schedule and other details will be announced in due course. The initiative is part of the government's broader effort to unlock the economic value of surplus and under-utilised public assets through transparent, competitive and technology-driven processes. NLMC, a wholly owned government company under the Department of Public Enterprises in the Ministry of Finance, facilitates the identification, preparation and monetization of surplus land and building assets held by CPSEs and other government entities. (ANI)
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