The government on Monday said it has received several initial bids to buy Ferro Scrap Corporation Limited (FSNL). In March, the Department of Investment and Public Asset Management (DIPAM) had invited bids for the strategic sale of FSNL. The last date for bidding was May 5 which was later extended to June 17.
“Several Expressions of Interest (EoIs) received for strategic disinvestment of Ferro Scrap Nigam Limited (FSNL), a wholly owned subsidiary of MSTC Limited,” tweeted Tuhin Kanta Pandey, Secretary, DIPAM.
After completion of due diligence, DIPAM will invite financial bids from potential buyers of FSNL. Established in 1979, FSNL is a subsidiary of MSTC, which comes under the Ministry of Steel.
The company is a leader in metal scrap recovery and slag handling in India. The government has budgeted to raise Rs 65,000 crore through disinvestment of CPSEs in 2022-23. So far, it has raised Rs 24,544 crore through minority stake sale and share buy back.