IMFA's Ambitious Expansion: A Boon for India's Ferro-Chrome Industry

Indian Metals & Ferro Alloys Ltd (IMFA) has acquired Tata Steel's ferro chrome plant in Kalinganagar, Odisha, for Rs 610 crore. The acquisition increases IMFA's capacity, making it India's top ferro-chrome producer. The deal, highlighting IMFA's financial strength, awaits regulatory approvals.

Indian Metals & Ferro Alloys Ltd (IMFA) has taken a significant step toward dominance in the ferro-chrome sector by acquiring Tata Steel's Kalinganagar plant in Odisha for Rs 610 crore.

The acquisition enhances IMFA's production capacity, cementing its position as India's largest ferro-chrome producer, while also becoming the sixth-largest globally. The plant is strategically located near IMFA's captive chrome ore mines, promising reduced costs and improved operational efficiency.

The deal, heralded as 'transformational' by IMFA Managing Director Subhrakant Panda, will expedite the company's expansion plans, though it remains subject to regulatory approvals. IMFA's financial strength is underscored by its plan to fund the acquisition through internal accruals.

(With inputs from agencies.)