Government earns ₹218 crore from RINL land auction

The National Land Monetization Corporation (NLMC), managed by the Department of Public Enterprises (DPE) under the Union Ministry of Finance, has successfully completed the second phase of the e-auction of Rashtriya Ispat Nigam Limited (RINL) land in Visakhapatnam. In this process held on November 3, 2026, a total of 114 plots of land were auctioned, generating ₹218 crore for the government. The total reserve price for this auction process was set at ₹184.81 crore, against which this amount was successfully realized. Thus, a premium of 17.96 percent over the reserve price was achieved in the second phase.

A notable feature of this auction was the high level of enthusiasm shown by investors. During the second phase, the highest successful bid was recorded at ₹1,82,650 per square yard. Furthermore, for one individual plot, a premium of 67.65 percent over the reserve price was achieved, which clearly indicates the market demand for this land. This entire process is the first end-to-end e-auction conducted by the NLMC, which includes asset preparation, transaction structuring, investor outreach, bidder facilitation, and competitive online auctioning.

RINL is the corporate entity operating the Visakhapatnam Steel Plant. Previously, the first phase of the auction was held on October 12, 2026. In that first phase, 150 plots of land were auctioned. At that time, against a reserve price of ₹312.48 crore, an income of ₹366.33 crore was generated, with an average premium of 17.23 percent. During the first phase, the highest auction price was over ₹1.80 lakh per square yard.

Looking at the figures of both phases, a total of 264 land plots have been auctioned so far. Combined, these two phases have fetched successful bids of ₹584.33 crore against a combined reserve price of ₹497.29 crore. An overall premium of 17.50 percent has been achieved in this entire process, demonstrating the success of the government's strategy for the monetization of these assets. The main objective of this initiative is to unlock the economic value of surplus and underutilized public assets held by Central Public Sector Enterprises (CPSEs) and government organizations.

Now, preparations are underway by the NLMC to organize the third phase of the e-auction for the remaining land plots. However, this third phase will be subject to necessary approvals and conditions. Detailed information regarding this will be announced in the near future. The government is committed to contributing to the country's economy by maximizing the utilization of public sector assets through this process.

Rashtriya Ispat Nigam Limited (RINL) was a key public sector company under the Ministry of Steel, Government of India, responsible for the operation and production of the Visakhapatnam Steel Plant. The company has been active in the steel production sector for a long time, and it was decided to monetize the surplus land located within its vast plant premises. The NLMC was established by the Government of India for the systematic monetization of government assets, with the primary objective of generating revenue from government lands and other assets.