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GOI approves Konoike Transport as buyer of Ferro Scrap Nigam for Rs 320 billion
Industry News- Sep 20,24
FSNL, founded in 1979, specialises in recovering and processing scrap from slag in steel plants.
The Indian government has cleared the strategic disinvestment of Ferro Scrap Nigam Ltd (FSNL), approving Japan's Konoike Transport Co. Ltd’s Rs 320 billion bid for the Chhattisgarh-based mining and metals firm, granting full management control.
The approval came from an alternative mechanism led by Union ministers Nitin Gadkari, Nirmala Sitharaman, and H. D. Kumaraswamy, under the Cabinet Committee on Economic Affairs (CCEA). The sale involves a 100% equity stake held by MSTC Ltd, a public sector enterprise under the Ministry of Steel.
FSNL, founded in 1979, specialises in recovering and processing scrap from slag in steel plants. The strategic disinvestment process began in October 2016, with a two-stage auction for selecting a buyer. After multiple bids and due diligence, Konoike Transport's offer was accepted, as it was the highest among two sealed bids submitted.
Konoike Transport, a Japanese logistics firm, provides industrial services including warehouse management, distribution, and safety supervision at steelworks. The acquisition will grant the company full control over FSNL's operations in India.
(Mint)
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