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Govt approves FSNL to Japan Konoike Transport sale for Rs 3.2 billion

Konoike’s bid of Rs 3.2 billion surpassed the reserve price of Rs 2.62 billion.

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The Indian government has approved the sale of Ferro Scrap Nigam Ltd (FSNL) to Japan’s Konoike Transport Co Ltd for Rs 3.2 billion. FSNL, a 100% subsidiary of MSTC Ltd under the Steel Ministry, will see its entire equity shareholding transferred to Konoike, along with management control.

The decision was made by an Alternative Mechanism comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman, and Steel Minister H. D. Kumaraswamy. Konoike’s bid of Rs 3.2 billion surpassed the reserve price of Rs 2.62 billion, set based on valuations by the government’s Transaction Adviser and Asset Valuer.

Two technically qualified financial bids were received for the strategic sale, with Konoike Transport emerging as the highest bidder. The second bid was from Indic Geo Resources Pvt. Ltd., a subsidiary of Chandan Steel Ltd.

Konoike Transport Co Ltd, listed on the Tokyo Stock Exchange, is a diversified Japanese company with extensive experience in steelworks operations. Its Steel Division, with over 140 years in the industry, offers a range of services including raw material acceptance, manufacturing support, slag treatment, and scrap processing. The company also specializes in recycling initiatives that aim for zero secondary waste.

FSNL, incorporated in 1979, provides steel mill services such as scrap recovery and processing from slag generated during iron and steel production across various steel plants in India.
(Business Standard)

Concrete

Holcim UK drives sustainable construction

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Holcim UK has released a report titled ‘Making Sustainable Construction a Reality,’ outlining its five-fold commitment to a greener future. The company aims to focus on decarbonisation, circular economy principles, smarter building methods, community engagement, and integrating nature. Based on a survey of 2,000 people, only 41 per cent felt urban spaces in the UK are sustainably built. A significant majority (82 per cent) advocated for more green spaces, 69 per cent called for government leadership in sustainability, and 54 per cent saw businesses as key players. Additionally, 80 per cent of respondents stressed the need for greater transparency from companies regarding their environmental practices.

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Concrete

Cemex invests in AI optimisation through OPTIMITIVE

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Cemex, through its corporate venture arm Cemex Ventures, has announced a strategic investment in OPTIMITIVE, a company specialising in AI-powered industrial process optimisation. OPTIMITIVE’s flagship products, Optibat RTO and Optibat Studio, enable real-time, closed-loop control of critical manufacturing operations, delivering notable improvements in energy efficiency and system productivity. This collaboration aims to embed artificial intelligence into Cemex’s global operations, supporting the company’s ‘Future in Action’ programme—its ambitious roadmap to achieve net-zero CO2 emissions. The integration of AI will allow Cemex to reduce energy consumption and emissions.

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GCCA releases LCR system

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The Global Cement and Concrete Association (GCCA) has launched the Low Carbon Ratings (LCR) system for cement and concrete, a new global rating based on products’ carbon footprints. The system uses a clear AA to G scale to help customers prioritise sustainability in material selection across construction sectors worldwide. The GCCA says that the LCR system is designed to be easily recognisable, with a simple visual graphic that indicates a product’s rating and provides consistency and comparability to other products.

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