Now Reading: RINL land auction of 35 plots suspended after court orders
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RINL land auction of 35 plots suspended after court orders
The Story in Brief
The National Land Monetisation Corporation (NLMC) has suspended the sale of 35 plots belonging to Rashtriya Ispat Nigam Limited (RINL), which operates the Visakhapatnam Steel Plant, in compliance with court orders.
The NLMC has revised the auction schedule for the remaining plots. The deadline for bidder registration and payment of earnest money deposits has been extended until 8 pm on 1 November. The auction will be held from 11 am to 5 pm on 3 November.
An earlier auction on 12 October for 256 plots attracted 470 bidders, with 150 plots sold for ₹366 crore, exceeding the management's expected revenue of ₹312.48 crore. Prices in some prime locations crossed ₹1.80 lakh per square yard.
Indian Opinion Analysis
The suspension of 35 RINL plots halts a monetisation drive that had already outperformed expectations in October. For workers and local industry in Visakhapatnam, the uncertainty over land sales may delay the steel plant's cash infusion plans. The source does not name the court that issued the orders or the grounds for the stay, leaving the legal scope unclear. The NLMC has set a fresh auction deadline of 3 November for the remaining plots, which will show whether bidder interest holds after the interruption.
Source: deccanchronicle.com
This brief was synthesised by AI from the source linked above. Methodology and corrections.
