The news didn’t create too many ripples. Headquartered in Bhilai, FSNL, a subsidiary of state-owned Metal Scrap Trade Corporation (MSTC), is one of India’s lesser-known Public Sector Undertakings (PSUs). In addition, unlike the abortive divestments of Central Electronics and Pawan Hans where the buyers had questionable antecedents, Konoike Transport is an established Japanese firm with investments from global Foreign Institutional Investors (FIIs) like Vanguard and BlackRock.
And yet, the sale needed greater attention than it has received. FSNL’s valuation, given its assets, profitability and ability to diversify into sectors set for rapid growth, seems to be low.
I am an Indian journalist with interests in energy, environment, climate and India’s ongoing slide into right-wing authoritarianism. My book, Despite the State, an examination of pervasive state failure and democratic decay in India, was published by Westland Publications, India, in January 2021. My work has won the Bala Kailasam Memorial Award; the Ramnath Goenka Excellence in Journalism Award; five Shriram Awards for Excellence in Financial Journalism; and, more recently, been a finalist at the True Story Award and GIJN’s Global Shining Light Awards. Write to me at despitethestate@protonmail.com.
“Westland closure: Titles that are selling fast and a few personal recommendations,” by Chetana Divya Vasudev, Moneycontrol. (Because this happened too. In February, a year after DtS was released, Amazon decided to shutter Westland, which published the book. The announcement saw folks rushing to buy copies of Westland books before stocks run out.)
Fractured/Earth 
Leave a comment