The Department of Investment and Public Asset Management (Dipam) said Monday it has received multiple expressions of interest (EoIs) in the strategic divestment of Ferro Scrap Nigam (FSNL), a wholly owned subsidiary of MSTC.
On March 31, 2022, the government had issued a preliminary information memorandum (PIM) to divest FSNL, through strategic sale and transfer of management control.
FSNL, based in Chhattisgarh, is a specialist steel mill services provider dealing with scrap processing for various steel mills in India.
The company’s total workforce as of November 1, 2021 was 1,451 with 590 permanent employees on 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 divestment of FSNL.
