NEW DELHI: The government has concluded the sale of FSNL, a wholly owned subsidiary of MSTC Ltd, to Konoike Transport, a Japanese logistics company, for Rs 320 crore.
“The strategic disinvestment transaction of FSNL has successfully concluded with the transfer of 100% shares to Konoike Transport Co Ltd, along with the management control. A new Board led by the strategic partner takes charge of FSNL,” the Department of Investment and Public Asset Management (DIPAM) announced on Tuesday.
In September last year, the government had approved the privatisation of FSNL, a Miniratna PSU company, to the Japanese corporation.
Following this, a share purchase agreement was signed in October 2024.
The government had received two technically qualified financial bids for the company. The Rs 320 crore bid by Konoike was higher than the reserve price of Rs 262 crore set by the government on the basis of valuation carried out by the transaction adviser and asset valuer.
The other bid was of Indic Geo Resources, a subsidiary of Chandan Steel.