New Delhi, Nov 3 (IANS): Initiating the process for strategic disinvestment of Ferro Scrap Nigam Ltd (FSNL), the government has invited proposals for engagement of legal and transaction advisers for the proposed strategic sale.

FSNL is a 100 per cent subsidiary of MSTC Ltd, under the administrative control of the Union Ministry Steel.

The deadline for submission of bids by interested parties for transaction advisor is November 23, 2020, while that for legal adviser is December 3, 2020.

The bids for transaction adviser and legal adviser will be opened on November 24 and December 4 respectively, said two separate notifications from the Department of Investment and Public Asset Management (DIPAM).

The earnest money deposits for both transaction adviser and legal adviser are Rs 1 lakh and Rs 50,000, respectively.

Government plans to disinvest 100 per cent equity in FSNL along through strategic sale along with transfer of management control.

Ferro Scrap Nigam Ltd is a 'Mini Ratna-II' central public sector enterprise incorporated in March 1979 with is registered office in Bhillai, Chhattisgarh.

The government's 'request for proposal' document said that it is a pioneer organisation in the field of steel mill services and, at present, is working in eight steel plants in the country.