MSTC transfers 100% stake in FSNL to Konoike Transport Co.

“The strategic disinvestment of FSNL, an entirely owned subsidiary of MSTC Ltd, concluded on Tuesday (January 21, 2025) with the switch of full shareholding to Konoike Transport Co. Ltd,” the Division of Funding and Public Asset Administration (DIPAM) mentioned.

In September final yr, the federal government accepted the privatisation of FSNL to Japanese company Konoike Transport Co. Ltd for ₹320 crore.

Following that, a share buy settlement was signed in October.

“The strategic disinvestment transaction of FSNL (an entirely owned subsidiary of MSTC Ltd) has efficiently concluded at the moment with the switch of 100% shares of FSNL by MSTC to Konoike Transport Co. Ltd. together with administration management. A brand new Board, led by the Strategic Accomplice, takes cost of FSNL,” DIPAM mentioned on X.

Underneath the metal ministry, FSNL is a 100% subsidiary of MSTC Ltd.

The federal government had obtained two technically certified monetary bids for the corporate.

The ₹320 crore bid by Konoike was increased than the reserve worth of ₹262 crore set by the federal government on the idea of valuation carried out by the transaction adviser and asset valuer.

The strategic sale of FSNL obtained two technically certified monetary bids. The opposite bid was from Indic Geo Sources Pvt. Ltd. (a subsidiary of Chandan Metal Ltd).

Konoike Transport Co. Ltd. is a multifaceted Japanese company listed on the Tokyo Inventory Change.

Konoike’s Metal Division is a long-established section of the corporate, with over 140 years of expertise in steelworks operations. The division gives complete companies starting from uncooked materials acceptance to manufacturing processes, slag remedy, scrap processing, examination, packaging and supply of metal merchandise, supporting prospects’ operations.

The division additionally engages in recycling initiatives, similar to the right recycling system, which recycles industrial waste with out producing secondary waste.

FSNL was included on March 28, 1979, to offer metal mill companies.

FSNL specialises within the restoration and processing of scrap from slag generated throughout iron and metal making throughout completely different metal vegetation.