The Indian government has received multiple bids from investors in response to the privatization of state-run scrap trading and e-commerce firm Ferro Scrap Nigam Limited (FSNL), India’s Department of Investment and Public Asset Management (DIPAM) said in a statement on Wednesday, June 22.
The government had earlier approved the privatization of FSNL and invited submission of bids from prospective private investors. The last date for submission of bids was initially May 5, which was later extended until June 6.
FSNL is involved in ferrous scrap recovery or recovery of ferrous metals from slag muck and debris emerging from iron and steel making, and in subsequent trading on an e-commerce platform.