Govt approves sale of FSNL to Japan's Konoike Transport
ECONOMY & POLICY

Govt approves sale of FSNL to Japan's Konoike Transport

The government approved the privatization of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore. FSNL operates under the Steel Ministry and is a wholly-owned subsidiary of MSTC Ltd. The government received two technically qualified financial bids for the company.

The Alternative Mechanism, which includes Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Steel Minister H. D. Kumaraswamy, has endorsed Konoike Transport's highest bid of Rs 320 crore for the complete equity shareholding of MSTC Ltd in FSNL, along with the transfer of management control, according to a finance ministry statement.

This bid exceeds the government’s reserve price of Rs 262 crore, set following a valuation by the Transaction Adviser and Asset Valuer. Among the two bids, Konoike Transport Co. Ltd's offer was the highest and surpassed the reserve price. The other bid was submitted by Indic Geo Resources Pvt. Ltd., a subsidiary of Chandan Steel Ltd.

Konoike Transport Co Ltd is a diversified Japanese corporation listed on the Tokyo Stock Exchange. Its Steel Division boasts over 140 years of experience in steelworks operations, offering a wide range of services from raw material acceptance to manufacturing processes, slag treatment, scrap processing, examination, packaging, and delivery of steel products, thus supporting customer operations.

The division also participates in recycling projects, including a perfect recycling system that reprocesses industrial waste without generating secondary waste.

Founded on March 28, 1979, FSNL focuses on providing steel mill services and specializes in recovering and processing scrap from slag produced during iron and steel production at various steel plants.

The government approved the privatization of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore. FSNL operates under the Steel Ministry and is a wholly-owned subsidiary of MSTC Ltd. The government received two technically qualified financial bids for the company. The Alternative Mechanism, which includes Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Steel Minister H. D. Kumaraswamy, has endorsed Konoike Transport's highest bid of Rs 320 crore for the complete equity shareholding of MSTC Ltd in FSNL, along with the transfer of management control, according to a finance ministry statement. This bid exceeds the government’s reserve price of Rs 262 crore, set following a valuation by the Transaction Adviser and Asset Valuer. Among the two bids, Konoike Transport Co. Ltd's offer was the highest and surpassed the reserve price. The other bid was submitted by Indic Geo Resources Pvt. Ltd., a subsidiary of Chandan Steel Ltd. Konoike Transport Co Ltd is a diversified Japanese corporation listed on the Tokyo Stock Exchange. Its Steel Division boasts over 140 years of experience in steelworks operations, offering a wide range of services from raw material acceptance to manufacturing processes, slag treatment, scrap processing, examination, packaging, and delivery of steel products, thus supporting customer operations. The division also participates in recycling projects, including a perfect recycling system that reprocesses industrial waste without generating secondary waste. Founded on March 28, 1979, FSNL focuses on providing steel mill services and specializes in recovering and processing scrap from slag produced during iron and steel production at various steel plants.

Related Stories

Gold Stories

Next Story
Products

Koemmerling opens Navi Mumbai experience centre

Koemmerling, a brand of the profine Group, has expanded its presence in the Mumbai metropolitan region with the opening of a new experience centre in Navi Mumbai and launched its Allure S46 minimal sliding door system for the Indian market.Located in CBD Belapur, the facility was inaugurated by Peter Mrosik, Owner and CEO, profine Group, along with Farid Khan, Chairman and Managing Director, profine India, and Kamal Bajaj, CEO, profine India.The company said the new centre will showcase its portfolio of uPVC and aluminium window and door systems to architects, developers and homeowners.The ina..

Next Story
Products

India's waterproofing market nears Rs 150 bn milestone

India's waterproofing industry is approaching a market size of Rs 150 billion and is expected to surpass the $2 billion milestone, according to speakers at the 2nd India International Waterproofers Conference & Expo 2026 organised by the Waterproofers Association of India (WAI) in New Delhi.The two-day event brought together more than 20 speakers, 55 international delegates and 53 exhibition booths, with discussions focusing on climate-resilient construction, advanced waterproofing technologies and international collaboration.Inaugurating the event, Durga Shanker Mishra, former Secretary, ..

Next Story
Real Estate

Dilip Buildcon Q1 FY27 Revenue at Rs 23.78 billion

Dilip Buildcon Limited reported consolidated revenue from operations of Rs 2,378 crore in Q1 FY27, along with EBITDA of Rs 429 crore and profit after tax of Rs 128 crore.Consolidated EBITDA margin stood at 18.1%, improving from 17.1% in Q4 FY26. On a standalone basis, revenue from operations was Rs 1,930 crore, EBITDA stood at Rs 199 crore and PAT was Rs 39 crore, with an EBITDA margin of 10.3%.The company’s order book stood at Rs 27,691 crore as of 30 June 2026, compared with Rs 28,830 crore as of 31 March 2026. Roads and highways accounted for 17.1% of the order book, irrigation and water ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement