Got multiple EoIs for FSNL disinvestment: DIPAM Secy

The Secretary of the Department of Investment and Public Asset Management (DIPAM) on Monday tweeted that multiple expressions of interest (EoIs) have been received for the strategic disinvestment of Ferro Scrap Nigam Ltd (FSNL), a wholly-owned subsidiary of MSTC Ltd.

The finance ministry in March had invited bids to sell the entire government stake in FSNL. BDO India LLP is acting as the transaction advisor for the proposed transaction.

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 strategic sale of FSNL is expected to conclude in FY23.

The government has budgeted to collect Rs 65,000 crore through CPSE disinvestments in 2022-23 fiscal.

Following the news, the stock of MSTC saw a sharp spike and was trading with gains of around 1.5% as on 11:40 am.