Indian government plans to divest its entire stake in Bhilai headquartered Ferro Scrap Nigam Limited, under the Steel Ministry, in a strategic sale. The Department of Investment & Public Asset Management has published Preliminary Information Memorandum and asked interested parties to submit bids by 5 May. Shortlisted bidders will be informed by 25 May.BDO India LLP has been appointed as Transaction Advisor by the Department of Investment & Public Asset Management for advising on the Proposed Transaction. This Preliminary Information Memorandum has been prepared by BDO which includes proprietary information of Ferro Scrap Nigam Limited and it is issued for the limited purposes of providing certain information on Ferro Scrap Nigam Limited for enabling recipients to be apprised of such certain basic details of Ferro Scrap Nigam Limited prior to submission of the Expression of Interest in respect of the Proposed Transaction. In all cases, bidders should carry out their own evaluation and analysis of FSNL and all data set forth in this Preliminary Information Memorandum, and their own investigation in relation to the business of Ferro Scrap Nigam Limited.India’s Cabinet Committee on Economic Affairs had on 27 October 2016 given an in-principle approval to disinvest entire equity shareholding held through MSTC in FSNL, through strategic disinvestment and transfer of management control.Ferro Scrap Nigam Limited, a 100% subsidiary of MSTC, was incorporated in 1979 to provide steel mill services including processing steel mills slag for recovery of iron scrap and other metallics. Ferro Scrap Nigam Limited became a wholly owned subsidiary of MSTC in 2002 pursuant to the acquisition of shares from Harsco. The company has nine units in India and specialises in recovery and processing of scrap from slag and refuse generated during iron and steel making across different plants. It 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 as per the specific requirements of its customers. The company had an authorized capital of INR 50 crore as on 31 March 2021, and paid-up share capital of INR 32 crore. The entire paid-up capital is held by MSTC. For FY 2020-21, the company reported revenue of INR 352.74 crore and profit of INR 22.75 crore. Scrap - 3.437 million tonnesSlag – 9.290 million tonnes
Indian government plans to divest its entire stake in Bhilai headquartered Ferro Scrap Nigam Limited, under the Steel Ministry, in a strategic sale. The Department of Investment & Public Asset Management has published Preliminary Information Memorandum and asked interested parties to submit bids by 5 May. Shortlisted bidders will be informed by 25 May.BDO India LLP has been appointed as Transaction Advisor by the Department of Investment & Public Asset Management for advising on the Proposed Transaction. This Preliminary Information Memorandum has been prepared by BDO which includes proprietary information of Ferro Scrap Nigam Limited and it is issued for the limited purposes of providing certain information on Ferro Scrap Nigam Limited for enabling recipients to be apprised of such certain basic details of Ferro Scrap Nigam Limited prior to submission of the Expression of Interest in respect of the Proposed Transaction. In all cases, bidders should carry out their own evaluation and analysis of FSNL and all data set forth in this Preliminary Information Memorandum, and their own investigation in relation to the business of Ferro Scrap Nigam Limited.India’s Cabinet Committee on Economic Affairs had on 27 October 2016 given an in-principle approval to disinvest entire equity shareholding held through MSTC in FSNL, through strategic disinvestment and transfer of management control.Ferro Scrap Nigam Limited, a 100% subsidiary of MSTC, was incorporated in 1979 to provide steel mill services including processing steel mills slag for recovery of iron scrap and other metallics. Ferro Scrap Nigam Limited became a wholly owned subsidiary of MSTC in 2002 pursuant to the acquisition of shares from Harsco. The company has nine units in India and specialises in recovery and processing of scrap from slag and refuse generated during iron and steel making across different plants. It 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 as per the specific requirements of its customers. The company had an authorized capital of INR 50 crore as on 31 March 2021, and paid-up share capital of INR 32 crore. The entire paid-up capital is held by MSTC. For FY 2020-21, the company reported revenue of INR 352.74 crore and profit of INR 22.75 crore. Scrap - 3.437 million tonnesSlag – 9.290 million tonnes
