Tue Jan 21 17:56:32 UTC 2025: **Indian Government Completes Sale of FSNL to Japanese Firm**

NEW DELHI (January 22, 2025) – The Indian government has finalized the strategic disinvestment of Ferro Scrap Nigam Limited (FSNL), a wholly-owned subsidiary of MSTC Ltd., to Konoike Transport Co. Ltd., a Japanese corporation. The sale, announced late Monday, concluded with the transfer of 100% of FSNL’s shares for ₹320 crore (approximately $39 million USD).

Konoike’s winning bid surpassed the government’s reserve price of ₹262 crore. The sale process, which began with government approval in September 2024, saw two technically qualified bids, the other coming from Indic Geo Resources Pvt. Ltd.

FSNL, established in 1979, specializes in processing scrap from iron and steel production. Konoike, a Tokyo Stock Exchange-listed company with a long history in steelworks operations, plans to integrate FSNL’s capabilities into its existing steel recycling and processing business. The acquisition aligns with Konoike’s commitment to sustainable practices, including its “perfect recycling system.”

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