Government on Monday stated it has acquired a number of preliminary bids for purchasing Ferro Scrap Nigam Ltd (FSNL). The Department of Investment and Public Asset Management (DIPAM) had in March invited bids for strategic sale of FSNL. The final date for placing in bids was May 5 which was later prolonged to June 17.
“Multiple Expressions of interest (EOIs) received for Strategic Disinvestment of Ferro Scrap Nigam Ltd (FSNL)- a wholly owned subsidiary of MSTC Ltd,” DIPAM Secretary Tuhin Kanta Pandey tweeted.
After completion of due diligence, DIPAM would invite monetary bids from potential patrons of FSNL. Incorporated in 1979, FSNL is a subsidiary of MSTC, which comes underneath the metal ministry.
The firm is a pioneer in metallic scrap restoration and slag dealing with in India. The authorities has budgeted to gather Rs 65,000 crore via CPSE disinvestments in 2022-23. So far, it has mopped up Rs 24,544 crore via minority stake sale and share purchase again.