By Our Correspondent
BHUBANESWAR:Indian Metals & Ferro Alloys Ltd (IMFA; estd 1961), the country’s leading fully integrated producer of value-added ferro chrome, has announced the completion of the strategic acquisition of Tata Steel Limited’s (TSL) ferro chrome plant in Kalinganagar, Odisha. The transaction is valued at Rs 707.26 crore comprising base consideration of Rs 610 crore along with GST and net working capital and has been funded entirely from internal accruals.
Spread across 115 acres in Kalinganagar, the newly-acquired facility consists of four furnaces capable of producing 100,000 tonnes per annum (tpa) annually which will further increase to 150,000 tpa when the partially built fifth furnace is commissioned in approximately one year.
Commenting on the acquisition, Mr Subhrakant Panda, Managing Director, IMFA said: “It is a transformative deal which marks a key milestone in the company’s growth journey. We are committed to creating value for all stakeholders by working towards a smooth and seamless integration which delivers significant operational synergies. Together with our greenfield expansion, it positions us as India’s largest producer of ferro chrome and amongst the foremost globally. We will continue to shape the future of ferro chrome – responsibly, sustainably and ambitiously.”
Indian Metals & Ferro Alloys Ltd (IMFA), incorporated in 1961 and headquartered in Bhubaneswar, Odisha, is India’s largest fully integrated producer of value-added ferro chrome with an installed furnace capacity of 289 MVA capable of producing 434,000 tonnes per annum (tpa). The company operates captive chrome ore mines at Sukinda and Mahagiri, along with manufacturing complexes at Therubali, Choudwar and Kalinganagar. It also has captive power generation comprising 200 MW coal-based and 4.55 MWp solar. IMFA’s operations are benchmarked to international standards and are ISO 9001 (Quality Management Systems) certified.
With the greenfield ferro chrome project in Kalinganagar, total furnace capacity will stand at 355 MVA (534,000 tpa). Chrome Ore requirement for the enhanced smelting capacity will be entirely met from the company’s captive chrome ore mines and supported by hybrid renewable power. As part of its diversification strategy, a 120 KLD grain-based ethanol plant is being set up at Therubali, Odisha.
