Indian government-run steel producer Rashtriya Ispat Nigam Limited (RINL) has raised INR 2.43 billion ($29.34 million) through the first round of its auction of idle land and real estate to raise working capital, company sources said on Monday, March 18.
The sources said that 220 entities participated in the first phase auction, with 72 plots of land and real estate sold to bidders.
A total number of 130 plots of land and real estate has been put up for sale by RINL to monetize idle assets and raise funds for the cash-strapped company, the sources said.
The auction was conducted by the National Land Monetization Corporation and the auction of the rest of the plots of land will be held soon, the sources added.