FinMin Invites Bids, For FSNL Privatisation

The finance ministry on Thursday invited bids to sell the entire government stake in Ferro Scrap Nigam Ltd (FSNL). The last date to submit an Expression of Interest (EoI) is May 5.

"The Government of India is proposing to disinvest Ferro Scrap Nigam Limited (FSNL), a 100 per cent subsidiary of MSTC Ltd, through strategic sale along with transfer of management control," the Department of Investment and Public Asset Management (DIPAM) said. BDO India LLP is acting as the transaction advisor for the proposed transaction.

Incorporated in 1979, FSNL is a subsidiary of MSTC, which comes under the steel ministry. The company is a pioneer in metal scrap recovery and slag handling in India. The strategic sale of FSNL is expected to conclude in FY23. The government has budgeted to collect Rs 65,000 crore through CPSE disinvestments in 2022-23 fiscal.

(PTI)