+
Govt approves FSNL to Japan Konoike Transport sale for Rs 3.2 billion
Steel

Govt approves FSNL to Japan Konoike Transport sale for Rs 3.2 billion

The Indian government has approved the sale of Ferro Scrap Nigam Ltd (FSNL) to Japan's Konoike Transport Co Ltd for Rs 3.2 billion. FSNL, a 100% subsidiary of MSTC Ltd under the Steel Ministry, will see its entire equity shareholding transferred to Konoike, along with management control.

The decision was made by an Alternative Mechanism comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Steel Minister H. D. Kumaraswamy. Konoike's bid of Rs 3.2 billion surpassed the reserve price of Rs 2.62 billion, set based on valuations by the government’s Transaction Adviser and Asset Valuer.

Two technically qualified financial bids were received for the strategic sale, with Konoike Transport emerging as the highest bidder. The second bid was from Indic Geo Resources Pvt. Ltd., a subsidiary of Chandan Steel Ltd.

Konoike Transport Co Ltd, listed on the Tokyo Stock Exchange, is a diversified Japanese company with extensive experience in steelworks operations. Its Steel Division, with over 140 years in the industry, offers a range of services including raw material acceptance, manufacturing support, slag treatment, and scrap processing. The company also specializes in recycling initiatives that aim for zero secondary waste.

FSNL, incorporated in 1979, provides steel mill services such as scrap recovery and processing from slag generated during iron and steel production across various steel plants in India. (Business Standard)

The Indian government has approved the sale of Ferro Scrap Nigam Ltd (FSNL) to Japan's Konoike Transport Co Ltd for Rs 3.2 billion. FSNL, a 100% subsidiary of MSTC Ltd under the Steel Ministry, will see its entire equity shareholding transferred to Konoike, along with management control. The decision was made by an Alternative Mechanism comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Steel Minister H. D. Kumaraswamy. Konoike's bid of Rs 3.2 billion surpassed the reserve price of Rs 2.62 billion, set based on valuations by the government’s Transaction Adviser and Asset Valuer. Two technically qualified financial bids were received for the strategic sale, with Konoike Transport emerging as the highest bidder. The second bid was from Indic Geo Resources Pvt. Ltd., a subsidiary of Chandan Steel Ltd. Konoike Transport Co Ltd, listed on the Tokyo Stock Exchange, is a diversified Japanese company with extensive experience in steelworks operations. Its Steel Division, with over 140 years in the industry, offers a range of services including raw material acceptance, manufacturing support, slag treatment, and scrap processing. The company also specializes in recycling initiatives that aim for zero secondary waste. FSNL, incorporated in 1979, provides steel mill services such as scrap recovery and processing from slag generated during iron and steel production across various steel plants in India. (Business Standard)

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code