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

27 Sep 2024 CW Team

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)

Infrastructure Transport

06 Feb 2026

Lucknow Metro East-West Corridor Consultancy Contract Awarded

The Uttar Pradesh Metro Rail Corporation has awarded the first construction-related consultancy contract for the Lucknow Metro East West Corridor to a joint venture of AYESA Ingenieria Arquitectura SAU and AYESA India Pvt Ltd. The firm was declared the lowest bidder for the Detailed Design Consultant contract for Lucknow Metro Line-2 under Phase 1B and the contract was recommended following the financial bid. The contract is valued at Rs 159.0 million (mn), covering design services for the corridor. Lucknow Metro Line-2 envisages the construction of an 11.165 kilometre corridor connecting Cha..

Div Com Kashmir Urges Fast Tracking Of Jhelum Water Transport Project

The Divisional Commissioner of Kashmir has called for the fast-tracking of the Jhelum water transport project, urging district administrations and relevant agencies to accelerate planning and clearances. In a meeting convened at the divisional headquarters, the commissioner instructed officials from irrigation, public health engineering and municipal departments to prioritise the project and coordinate survey and design work. The directive emphasised removal of administrative bottlenecks and close monitoring to ensure timely mobilisation of resources and contractors. Officials were told to in..

Interarch Reports Strong Q3 And Nine Month Results

Interarch Building Solutions Limited reported unaudited results for the third quarter and nine months ended 31 December 2025, recording strong revenue growth driven by execution and a robust order book. Net revenue for the third quarter rose by 43.7 per cent to Rs 5.225 billion (bn), compared with Rs 3.636 bn a year earlier, reflecting heightened demand in pre-engineered building projects. The company’s total order book as at 31 January 2026 stood at Rs 16.85 bn, supporting near-term visibility. EBITDA excluding other income for the quarter increased by 43.2 per cent to Rs 503 million (mn),..