By Our Correspondent
BHUBANESWAR: “Delighted that @IMFALtd is (practically) debt free which is a remarkable achievement for a company in an asset heavy industry. We have significant expansion plans which a strong balance sheet is very capable of supporting,” IMFA MD Subhrakant Panda tweeted @subhrakantpanda.
“Prem Khandelwal, CFO: “Long term debt amounting to ₹308.65 crores has been prepaid this fiscal leaving misc debt to tune of ₹14.28 crores which will be repaid as scheduled due to adverse prepayment conditions. Balance Sheet very healthy as we gear up to execute expansion plan,” IMFA Ltd tweeted @IMFALtd quoting Company’s Chief Financial Officer Prem Khandelwal.
Established in 1961, IMFA initially produce silicon alloys and later diversified to chrome alloys. Starting with one furnace in a remote corner of Odisha, today IMFA is recognised globally as a quality conscious producer and reliable partner.
IMFA is expanding ferro chrome capacity by 100,000 tonnes per annum. The project, which had already received approval from the State Government, will come up in Kalinga Nagar, Jajpur District at a cost of Rs 550 crores and provide direct employment to 400 people; land allocation is expected shortly.
