New Delhi: The government has greenlit the privatisation of Ferro Scrap Nigam Ltd (FSNL), selling it to the Japanese corporation Konoike Transport Co Ltd for ₹320 crore. FSNL, a 100% subsidiary of MSTC Ltd under the Steel Ministry, attracted two technically qualified financial bids.
The decision was made by an Alternative Mechanism that includes Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Steel Minister H. D. Kumaraswamy. Konoike Transport’s bid of ₹320 crore surpassed the government’s reserve price of ₹262 crore, as determined by a Transaction Adviser and Asset Valuer.
The strategic sale process saw two bids, with Konoike Transport emerging as the highest bidder. The competing bid came from Indic Geo Resources Pvt. Ltd., a subsidiary of Chandan Steel Ltd.