Government gets multiple EoIs for FSNL buyout

The Department of Investment and Public Asset Management (DIPAM) had in March invited bids for strategic sale of FSNL.

FSNL buyout
After completion of due diligence, DIPAM would invite financial bids from potential buyers of FSNL. (Representational image)

The government on Monday said it has received multiple preliminary bids for buying Ferro Scrap Nigam Ltd (FSNL). The Department of Investment and Public Asset Management (DIPAM) had in March invited bids for strategic sale of FSNL. The last date for putting in bids was May 5 which was later extended to June 17.

“Multiple Expressions of interest (EOIs) received for Strategic Disinvestment of Ferro Scrap Nigam Ltd (FSNL)- a wholly owned subsidiary of MSTC Ltd,” DIPAM Secretary Tuhin Kanta Pandey tweeted.

After completion of due diligence, DIPAM would invite financial bids from potential buyers of FSNL. Incorporated in 1979, FSNL is a subsidiary of MSTC, which comes under the steel ministry.

The company is a pioneer in metal scrap recovery and slag handling in India. The government has budgeted to collect Rs 65,000 crore through CPSE disinvestments in 2022-23. So far, it has mopped up Rs 24,544 crore through minority stake sale and share buy back.

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