FinMin invites bids for Ferro Scrap Nigam Ltd's privatisation

The centre has sought bids to sell its 100 per cent stake in Ferro Scrap Nigam Ltd (FSNL) over five years after the cabinet approved privatisation of the public sector undertaking (PSU).

The sale would also involve transfer of management control in the PSU which is a 100 per cent subsidiary of state-owned MSTC. FSNL was incorporated in 1979, and is a specialised steel mill service provider engaged in scrap processing for steel mill companies in India. The Cabinet Committee on Economic Affairs (CCEA) had accorded in-principle approval to divest entire stake in FSNL held through MSTC in October 2016.