Govt to sell MSTC, Ferro Scrap stake

NEW DELHI: The government has decided to offload its 100 per cent stake in Metal Scrap Trading Corporation along with 60 per cent holding in Ferro Scrap Nigam by strategic sale.

Addressing the members of the consultative committee, Steel Minister B K Tripathy said here on Tuesday, “It has been decided to pursue 100 per cent disinvestment of Government shareholding in MSTC including 60 per cent holding of its subsidiary company FSNL by strategic sale.�

He said 51 per cent of government’s equity in Metallurgical & Engineering Consultants (Mecon) will be divested to a strategic buyer and added that global bids had already been invited for the same, according to an official release.