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.

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?