The finance ministry on Thursday invited bids to sell the entire government stake in Ferro Scrap Nigam Ltd (FSNL).
The last date to submit a Statement of Interest (EoI) is May 5th.
“The Indian government intends to divest its investment of Ferro Scrap Nigam Limited (FSNL), a 100 per cent subsidiary of MSTC Ltd, through a strategic sale along with the transfer of management control,” the Department of Investment and Public Asset Management (DIPAM) said.
BDO India LLP acts as a transaction advisor for the proposed transactions.
Incorporated in 1979, FSNL is a subsidiary of MSTC, which falls under the ministry of steel. The company is a pioneer in scrap metal recovery and slag handling in India.
The strategic sale of FSNL is expected to end in FY23.
The government has budgeted to collect Rs 65,000 crore through the disposal of CPSE in fiscal year 2022-23.