Govt will get a number of EoIs for Ferro Scrap Nigam buyout

The division of funding and public asset administration (Dipam) on Monday stated it has obtained a number of expressions of curiosity (EoIs) for strategic disinvestment of Ferro Scrap Nigam (FSNL), a wholly-owned subsidiary of MSTC.

On March 31, 2022, the federal government had floated a preliminary info memorandum (PIM) to disinvest FSNL, by means of strategic sale together with switch of administration management.

Chhattisgarh-based FSNL is a specialised metal mill service supplier engaged in scrap processing for varied metal mill corporations in India.

The overall manpower of the corporate as of November 1, 2021, was 1,451 with 590 common staff on the corporate’s payroll and 861 outsourced staff. It made a revenue of Rs 23 crore in FY21, down from Rs 31 crore in FY20.

BDO India is the transaction advisor for the disinvestment of FSNL.

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