The government has received various EoIs for the purchase of FSNL

20 Jun 2022 , 01:39 PM

On Monday (20-06-2022), the government said that it had received several early offers for Ferro Scrap Nigam Ltd. (FSNL). In March, the Department of Investment and Public Asset Management (DIPAM) requested offers for FSNL’s strategic sale. The deadline for submitting bids was set for May 5, however it was later extended until June 17.

DIPAM Secretary Tuhin Kanta Pandey tweeted that many expressions of interest (EOIs) had been received for the strategic disinvestment of Ferro Scrap Nigam Ltd (FSNL), a fully owned subsidiary of MSTC Ltd. DIPAM would accept financial proposals from possible purchasers of FSNL after completing due diligence.

FSNL is a subsidiary of MSTC, which is under the steel ministry, and was founded in 1979. In India, the organisation is a leader in metal scrap recovery and slag management. In 2022-23, the government plans to raise Rs 65,000 crore through CPSE disinvestments. Through minority stake sales and share buybacks, it has raised Rs 24,544 crore thus far.