India Extends Bidding Date For Ferro Scrap Nigam For The Third Time
The government has extended the bidding date for for the disinvestment of Ferro Scrap Nigam Ltd., for the third time as potential buyers sought clarifications, according to two government officials.
On June 20, Tuhin Kanta Pandey, secretary in the Department of Investment and Public Asset Management, tweeted, "Multiple Expressions of interest received for strategic disinvestment of Ferro Scrap Nigam Ltd.--a wholly owned subsidiary of MSTC Ltd."
However, shortlisted bidders were not intimated by June 27, but instead the deadline has been extended to July 18. Earlier, the government had extended the deadline from May 25 to Jun 27. The deadline had been extended once prior to that.
Emailed queries to the DIPAM remained unanswered.
Expression of interest for FSNL, a 100% subsidiary of MSTC, was first floated on March 31 and the last date for submission of bids was May 5. Later, it was extended to June 6. There was no notification on any further extension of deadline.
There were several clarifications that needed to be provided to interested bidders regarding contracts of FSNL that will end in this financial year, especially the ones with Steel Authority of India, said the government official quoted earlier, speaking on the condition of anonymity as he is not authorised to disclose details.
FSNL is an IMS certified Mini Ratna-II category company under the Ministry of Steel. The company has authorised share capital of Rs 50 crore and a paid-up share capital of Rs 32 crore, according to its official website.
The Cabinet Committee on Economic Affairs had approved complete divestment of stakes in October 2016. The government aims to transfer management control.
Transaction advisors had received queries on whether it was obligatory to retain entire staff strength engaged by FSNL and these conditions will only be clear in the request for proposal stage, said a second government official, who also didn't want to be identified. The government, however, did inform bidders that there is going to be employee protection and asset maintenance clauses included, the official said.
FSNL, according to its last annual report, employs 143 executives, 542 non-executives and over 500 contractual workers. The government has appointed BDO India as transaction adviser.
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
