State-owned NBCC will submit the detailed project report (DPR) to RINL by month-end for the steel maker's 22.19 acre land in Visakhapatnam city, a popular tourist destination in Andhra Pradesh.
In March 2021, construction firm NBCC had informed about signing an MoU with Rashtriya Ispat Nigam Ltd (RINL) for redevelopment and monetisation of its 22.19 acre land in the port city.
"NBCC is conducting the DPR on the project and submit it to RINL by end of June," a company spokesperson said.
Post signing of the MoU, RINL asked NBCC to conduct a DPR to ascertain the value of the land.
RINL is expecting to get around Rs 1,000 crore from the sale of the land parcel in Maddilapalem which is a prime location situated about 3-4 km from the beach.
NH-16 which connects Howrah in West Bengal to Chennai in Tamil Nadu passes at a distance of about 2 km from the site. Besides, the land is in the proximity of tourist attractions like zoo, Simhachalam temple, stadium etc.
However, the value of the project would be ascertained after the preparation and finalisation of the DPR.
RINL, under the Ministry of Steel, owns and operates a 7.3 million tonne steel plant in Visakhapatnam. It is the country's first shore-based integrated steel plant producing special steel products.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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