The Department of Investment & Public Asset Management has received multiple expressions of interest for the strategic disinvestment of Ferro Scrap Nigam Limited. DIPAM secretary Mr Tuhin Kanta Pandey tweeted “Multiple expressions of interest received for strategic disinvestment of Ferro Scrap Nigam Ltd, a wholly owned subsidiary of MSTC Ltd.” on Monday.The Cabinet Committee on Economic Affairs had accorded its ‘in-principle’ approval to disinvest entire equity shareholding held through MSTC in FSNL and transfer of management control in October 2016. DIPAM is overseeing the strategic disinvestment, while BDO India LLP has been roped in as the transaction advisor. The finance ministry had first invited bids on 31 March 2022 for offloading the government’s entire equity shareholding in FSNL through strategic sale along with transfer of management control. As per the last deadline revision, the last date for submitting bids for the company was 17 June. The shortlisted bidders will be intimated on July 8.Bhilai Chhattisgarh based Ferro Scrap Nigam Limited, incorporated in 1979, is a Mini Ratna II, IMS-certified central public sector enterprise under the administrative control of the Ministry of Steel. The company is a specialized steel mill service provider engaged in processing steel mills slag for recovery of iron scrap and other metallics. It is presently working across nine steel plants in India. The company offers services for dig and haul of blast furnaces and steel melting shop slag at slag yards, processing of iron and steel skulls, mill rejects and maintenance scrap. 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 INR 23 crore in 2020-21.
The Department of Investment & Public Asset Management has received multiple expressions of interest for the strategic disinvestment of Ferro Scrap Nigam Limited. DIPAM secretary Mr Tuhin Kanta Pandey tweeted “Multiple expressions of interest received for strategic disinvestment of Ferro Scrap Nigam Ltd, a wholly owned subsidiary of MSTC Ltd.” on Monday.The Cabinet Committee on Economic Affairs had accorded its ‘in-principle’ approval to disinvest entire equity shareholding held through MSTC in FSNL and transfer of management control in October 2016. DIPAM is overseeing the strategic disinvestment, while BDO India LLP has been roped in as the transaction advisor. The finance ministry had first invited bids on 31 March 2022 for offloading the government’s entire equity shareholding in FSNL through strategic sale along with transfer of management control. As per the last deadline revision, the last date for submitting bids for the company was 17 June. The shortlisted bidders will be intimated on July 8.Bhilai Chhattisgarh based Ferro Scrap Nigam Limited, incorporated in 1979, is a Mini Ratna II, IMS-certified central public sector enterprise under the administrative control of the Ministry of Steel. The company is a specialized steel mill service provider engaged in processing steel mills slag for recovery of iron scrap and other metallics. It is presently working across nine steel plants in India. The company offers services for dig and haul of blast furnaces and steel melting shop slag at slag yards, processing of iron and steel skulls, mill rejects and maintenance scrap. 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 INR 23 crore in 2020-21.
