Ferro Scrap Nigam Limited (FSNL)
Ferro Scrap Nigam Limited was a 100% subsidiary of MSTC Limited headquartered at FSNL Bhawan, Equipment Chowk, Central Avenue, Bhilai, Chhattisgarh, engaged in scrap recovery and processing. The government approved its privatisation to Japan's Konoike Transport Co. for Rs 320 crore on September 19, 2024. Following acquisition from MSTC in late January 2025 it operates as a privately owned company under Konoike, so it is included here as the recent disinvestment (on-the-block) case with headquarters in Chhattisgarh.
This page is a factual profile built from official sources: enterprise filings, the DPE Public Enterprises Survey, PIB releases, government orders and CAG reports. Figures carry their year; where no official figure was found, the field is left out rather than estimated.
How we verify →Ferro Scrap Nigam Limited was a 100% subsidiary of MSTC Limited headquartered at FSNL Bhawan, Equipment Chowk, Central Avenue, Bhilai, Chhattisgarh, engaged in scrap recovery and processing. The government approved its privatisation to Japan's Konoike Transport Co. for Rs 320 crore on September 19, 2024. Following acquisition from MSTC in late January 2025 it operates as a privately owned company under Konoike, so it is included here as the recent disinvestment (on-the-block) case with headquarters in Chhattisgarh.
What happened
The company site presents Ferro Scrap Nigam Limited as pioneers in scrap recovery with sustainable scrap recovery and processing services, gives its base as FSNL Bhawan, Equipment Chowk, Central Avenue, Bhilai, Chhattisgarh 490001, and states it is now a privately owned company operating under Konoike Transport Co. Ltd., Japan following its acquisition from MSTC Limited in late January 2025 (fsnl.co.in).
A September 19, 2024 PTI report headlined Govt approves sale of FSNL to Japan's Konoike Transport Co for Rs 320 cr states the government approved the privatisation of FSNL to the Japanese corporation, and a companion search result describes FSNL as a 100% MSTC subsidiary with Konoike as strategic buyer (ThePrint searches, 2024-09-19).
A corporate entry corroborates that FSNL was a subsidiary of MSTC and was disinvested in 2025 to Konoike Transport Co. Ltd. (Wikipedia: MSTC Limited). CAG and DIPAM portals were opened but yielded no extractable FSNL or Chhattisgarh-PSU negative-net-worth sentences in this environment, so net worth, revenue, profit and staffing are left null.
NMDC Steel's Nagarnar plant privatisation protests (Bastar bandh call dated October 1, 2023) were older and the plant's headquarters were not confirmed in Chhattisgarh, so FSNL, with a Bhilai headquarters and a 2024-2025 disinvestment, was preferred as the on-the-block case (ThePrint; Wikipedia: Nagarnar Steel Plant).
What we could not confirm
FSNL ceased to be a PSU in late January 2025 (now private under Konoike); it is included strictly as the recent official disinvestment/on-the-block case headquartered in Chhattisgarh, with that change disclosed. Exact acquisition day in January 2025, demerger/transfer deed, DIPAM order number, negative-net-worth computation, revenue, profit and employee count could not be confirmed from official DIPAM/DPE/CAG pages in this environment (NIC hosts refused connections; DIPAM returned no extractable sentences), so those fields are null. Administrative ministry not confirmed in pages opened. Status is shown as On the block to reflect the listed-for-disinvestment to sold trajectory.