Centre gets multiple bids for privatisation of Ferro Scrap Nigam Ltd

The eligibility criterion for bidders included a mandatory net worth of at least Rs 150 crore and a PAT in at least two of the immediately preceding five financial years

The Centre has received multiple bids from suitors to acquire Ferro Scrap Nigam Ltd (FSNL), taking the process to the next stage of privatisation.

"Multiple Expressions of interest (EOIs) received for strategic disinvestment of Ferro Scrap Nigam Ltd (FSNL) 3 a wholly-owned subsidiary of MSTC Ltd,” Department of Investment and Public Asset Management (Dipam) Secretary Tuhin Kanta Pandey said in a tweet.

The privatisation of the government-owned entity involves the transfer of management control in the public sector undertaking (PSU), which is a 100 per cent subsidiary of state-owned MSTC.

The Centre, along with its intermediaries, would evaluate EoIs, and