The Indian government has approved the strategic sale of state-run Ferrous Scrap Nigam Limited (FSNL) and the Ministry of Finance is inviting asset valuers to assist the government in its sale, government officials said on Friday, November 12.
FSNL is under the administrative control of the Ministry of Steel and is a wholly-owned subsidiary of state-owned trading firm MSTC Limited, which provides all scrap-related services to eight government steel producing companies.
Asset valuers have been given until December 6 to submit their bids for a mandate to carry out valuation of FSNL’s plant and machinery and all allied infrastructure.
The government aims to divest the entire equity holding of FSNL in favour of a private investor through a competitive bidding process, officials said.