Govt invites EoI for strategic sale of Ferro Scrap Nigam
In FY21, FSNL reported Rs 22.75 crore profit after tax (PAT) on total revenue of Rs 365 crore. As of November 1, 2021, the company had 1,451 employees of which 590 are regular and the remaining are outsourced.
The government has invited expressions of interest (EoIs) to divest its 100% stake in Ferro Scrap Nigam (FSNL) along with management control. FSNL has been the pioneer in the field of metal scrap recovery and slag handling in the country.
The interested parties can submit their bids till May 5 and short-listed bidders will be intimated on May 22.
The cabinet committee of economic affairs (CCEA) had in 2016 given its in-principle approval to disinvest the entire shareholding of the company, held through MST. The company holds a 100% stake in FSNL.
Incorporated in 1979, FSNL’s authorised capital, as of March 31, 2021, stood at Rs 50 crore.
In FY21, FSNL reported Rs 22.75 crore profit after tax (PAT) on total revenue of Rs 365 crore. As of November 1, 2021, the company had 1,451 employees of which 590 are regular and the remaining are outsourced.
FSNL is a specialised steel mill service provider engaged in scrap processing for various steel mills. It is now the country’s largest recycler in terms of the volume of scrap and slag handled across multiple plants.
BDO India LLP has been appointed as the transaction advisor to advise and manage the strategic disinvestment of FSNL.