The finance ministry has extended due dates for submitting bids for the privatisation of Ferro Scrap Nigam Ltd (FSNL) by a month.
The last date for submitting initial bids for the privatisation of FSNL has been extended to June 6 from May 5 proposed earlier, the Department of Investment and Public Asset Management (DIPAM) said in a notification.
Interested parties will have to submit physical copies of expression of interest (EoI) by June 13 as against May 12 earlier. Shortlisted bidders would be intimated by June 27 now, the notification said.
The privatisation of the government-owned entity involves transfer of management control in the public sector undertaking (PSU) which is a 100 per cent subsidiary of state-owned MSTC.
Bidders must have a net worth of at least Rs 150 crore, and a positive profit after tax (PAT) in at least two of the immediately preceding five financial years.
FSNL was incorporated in 1979, and is a specialised steel mill service provider engaged in scrap processing for steel mill companies in India. The Cabinet Committee on Economic Affairs (CCEA) had accorded in-principle approval to divest entire stake in FSNL held through MSTC in October 2016.