Govt gets multiple EoIs for Ferro Scrap Nigam buyout
The department of investment and public asset management (Dipam) on Monday said it has received multiple expressions of interest (EoIs) for strategic disinvestment of Ferro Scrap Nigam (FSNL), a wholly-owned subsidiary of MSTC.
On March 31, 2022, the government had floated a preliminary information memorandum (PIM) to disinvest FSNL, through strategic sale along with transfer of management control.
Chhattisgarh-based FSNL is a specialised steel mill service provider engaged in scrap processing for various steel mill companies in India.
The total manpower of the company as of November 1, 2021, was 1,451 with 590 regular employees on the company’s payroll and 861 outsourced employees. It made a profit of Rs 23 crore in FY21, down from Rs 31 crore in FY20.
BDO India is the transaction advisor for the disinvestment of FSNL.