The Prime Minister’s Office (PMO) has agreed not to go ahead with the divestment of MSTC's arm Ferro Scrap Nigam ltd (FSNl) as the entity has no tangible assets barring machinery, a top official said. FSNl, under the administrative control of the Steel Ministry, undertakes disposal of ferrous and non-ferrous scrap arising from integrated steel plants under SAIl, RINl, etc and disposal of scrap and surplus stores from other PSUs and Government departments.
“We are removing Ferro Scrap Nigam ltd (FSNl)- a subsidiary of MSTC -- from disinvestment list because it does not have anything. No land. It just has equipment,” Steel Secretary Aruna Sharma told PTI. MSTC is a metal scrap trading PSU. It also renders services to steel and petrochemical sectors for raw material support and provides e-commerce services.