NBCC signed pact with RINL to sell 22 acres of Vizag steel plant
The NBCC Limited signed an agreement with the Rashtriya Ispat Nigam Limited (RINL) for selling 22.19 acres land belonging to the Visakhapatnam Steel Plant at Maddilapalem in Visakhapatnam. The MoU was signed on February 26 but it was not revealed to the media.
The cost of one square yard as per the present market value is Rs 1.5 lakh. The sale of 22 acres will fetch anywhere close to Rs 1,540 crore. The deal between NBCC and RINL came as shock to trade unions and political parties opposing privatisation of the steel plant.