The Indian government has approved the sale of Ferro Scrap Nigam, a wholly-owned subsidiary of state-owned metal trader MSTC (NSE:MSTCLTD, BOM:542597), to Japan's Konoike Transport against its bid of 3.2 billion Indian rupees.
According to a Thursday filing to the stock exchanges, the transaction was implemented through a two-stage open and competitive bidding process.
On completion of the acquisition, the full management control of the mining and metals company will be transferred to Konoike.
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