Fsnl Divestment

Govt approves sale of FSNL to Japan's Konoike Transport for Rs 320 cr

The government on Thursday approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore. Under the Steel Ministry, FSNL is a 100 per cent subsidiary of MSTC Ltd. The government had received two technically qualified financial bids for the company. The Alternative Mechanism, comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Steel Minister H. D. Kumaraswamy, have approved the highest bid amounting to Rs 320 crore of Konoike Transport Co Ltd for sale of 100 per cent equity shareholding of MSTC Ltd in FSNL along with transfer of management control, a finance ministry statement said. The 320 crore bid was higher than the reserve price of Rs 262 crore set by the government on the basis of valuation carried out by the Transaction Adviser and Asset Valuer. The strategic sale of FSNL received two technically qualified financial bids. The bid submitted by Konoike Transport Co. Ltd at Rs 320 cr

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

Ferro Scrap Nigam privatisation: Deadline to submit bids extended again

The last date for submitting initial bids for the privatisation of FSNL has been extended to June 17

FinMin invites bids for Ferro Scrap Nigam Ltd's privatisation

The sale would also involve transfer of management control in the PSU which is a 100 per cent subsidiary of state-owned MSTC

Govt invites bids from asset valuers for strategic sale of FSNL

The finance ministry on Thursday invited bids from asset valuers to assist the government in the strategic sale of Ferro Scrap Nigam Ltd (FSNL).

PMO scraps plan to divest MSTC's subsidiary FSNL

Centre believes FSNL has no tangible assets barring machinery