Background & History
FSNL WAS INCORPORATED IN 1979 AS A GOVERNMENT OF INDIA COMPANY. THE COMPANY IS MAINLY ENGAGED IN RECOVERING AND PROCESSING OF SCRAP IN THE INTEGRATED STEEL PLANTS. THE COMPANY WAS ORIGINALLY 100% AMERICAN COMPANY BY THE NAME HECKETT ENGINEERING AND STARTED ITS OPERATION IN TATA STEEL IN 1956. IN 1979 BECAUSE OF THE NEWLY ENACTED FERA IT WAS REQUIRED THAT THE FOREIGN COMPANY DILUTE ITS SHAREHOLDING TO 40%. IN VIEW OF THIS A NEW COMPANY NAMED FSNL WAS FORMED TO TAKE OVER THE EXISTING BUSINESS OF HECKETT ENGINEERING (INDIA) WITH 60% OF THE EQUITY CONTRIBUTED BY MSTC AND 40% BY HECKETT. FSNL THUS BECAME A JV OF MSTC AND HECKETT WITH MSTC HOLDING 60% STAKE AND HECKETT HOLDING 40%.
FSNL BECAME A WHOLLY OWNED SUBSIDIARY OF MSTC LTC. IN JUNE 2002.
(Present Paid up capital : Rs. 2.0 Crores, 100% Share holding of MSTC)