The Union Ministry of Finance has invited bids from asset valuers to assist the government in the strategic sale of Ferro Scrap Nigam (FSNL).
FSNL, a miniratna CPSE under the administrative control of the steel ministry, is a 100 percent subsidiary of MSTC. FSNL provides steel mill services and is currently working through eight steel plants across the country.
The Department of Investment and Public Asset Management (DIPAM) requires the services of a reputed asset valuer entity registered with the Insolvency and Bankruptcy Board of India (IBBI), to carry out the company's asset valuation and assist the government in the process of strategic disinvestment of FSNL till the completion of the transaction.
The broad scope of work for the asset valuer is to carry out the valuation of all assets of FSNL, including its plant and machinery, land and buildings, furniture, civil infrastructure and associated intangibles on ‘as is where is basis’ and keeping in view the objective of disinvestment, said DIPAM, which manages the government's equity in the CPSE.
The process of privatisation of Bharat Petroleum Corporation (BPCL), Pawan Hans, BEML, Shipping Corp of India (SCI), Neelachal Ispat Nigam and RINL is ongoing.