The Indian government has approved the sale of Ferro Scrap Nigam Ltd (FSNL), a subsidiary of MSTC Ltd, to Japan's Konoike Transport Co Ltd for ₹320 crore, surpassing the reserve price of ₹262 crore set by government evaluators. The decision was made by the Alternative Mechanism panel, which includes key ministers like Nitin Gadkari and Nirmala Sitharaman. Konoike Transport, a corporation with over 140 years of experience in steelworks, will take over management control as part of the transaction. The sale follows a two-stage competitive bidding process initiated in 2016, where FSNL's services include recovery and processing of scrap from steel production. The approval marks a significant step in the government's strategic disinvestment efforts aimed at privatizing state-run enterprises. The transaction is now moving towards finalization, which includes signing agreements and fulfilling conditions outlined in the sale process.