Govt invites transaction advisor for FSNL disinvestment

By: |
November 18, 2020 8:43 AM

The government will transfer management control of FSNL, a 100% subsidiary of MSTC, which is under the administrative control of the steel ministry.

As on March 2020, FSNL had 685 employees including 542 non-executives.

The government has invited request for proposal for engaging transaction advisor for the strategic disinvestment of state-run Ferro Scrap Nigam (FSNL), a company that earned Rs 31-crore net profit on a revenue of Rs 410 crore in 2019-20.

The government will transfer management control of FSNL, a 100% subsidiary of MSTC, which is under the administrative control of the steel ministry. FSNL is a mini ratna company incorporated in 1979. It is a pioneering organisation in the field of steel mill services and is currently working in eight steel plants across the country.

The last date for submission of the bid is November 23.

“The advisor will be required to undertake tasks related to all aspects of the strategic disinvestment process culminating into successful completion of the transaction,” the government said in the notice.

It would also require to advise government on the modalities and the timing of the strategic disinvestment of FSNL whereby it would prepare and submit a detailed operational scheme to successfully implement the strategic disinvestment process, indicating tentative timeline for each activity, it said.

As on March 2020, FSNL had 685 employees including 542 non-executives.

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