The government on Monday said it had received several initial bids for the purchase of Ferro Scrap Nigam Ltd (FSNL). The Department of Investment and Public Asset Management (DIPAM) in March has invited strategic bid to sell FSNL. The last day to submit bids was May 5 which was later extended to June 17.
"The Multiple Expressions of Interest (EOIs) were obtained through the Strategic Disinvestment of Ferro Scrap Nigam Ltd (FSNL) - the wholly owned company of MSTC Ltd," DIPAM Secretary Tuhin Kanta Pandey wrote on Twitter.
Upon completion of due diligence, DIPAM will invite financial bids from potential FSNL clients. Compiled in 1979, the FSNL is part of the MSTC, which falls under the steel service.
The company is a pioneer in restoring iron ore residues and slag handling in India. Government has set a budget to collect ₹ 65,000 crore over the disbandment of CPSE in 2022-23. To date, it has risen to ₹ 24,544 crore with the sale of small stakes and the purchase of shares.
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