Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated ferro alloys producer, has signed definitive agreements to acquire Tata Steel Limited’s ferro chrome plant at Kalinganagar, Odisha, for a base purchase consideration of ₹610 crore. The acquisition, to be funded entirely through internal accruals, marks a major milestone in IMFA’s growth journey, taking its total installed capacity beyond 0.5 million tonnes per annum (MTPA) and cementing its position as India’s largest and the world’s sixth-largest producer of ferro chrome.
The asset transfer agreement covers 99 MVA of furnace capacity—including 66 MVA of existing capacity (100,000 tonnes annual output) and 33 MVA under construction (50,000 tonnes annual output)—spread across 115 acres in Kalinganagar. The facility comprises four operational furnaces, with a fifth one under development that will further boost annual output to 150,000 tonnes once commissioned.
The strategic location of the Kalinganagar plant, close to IMFA’s captive chrome ore mines and upcoming greenfield expansion project, is expected to generate significant cost savings and operational synergies. With this acquisition, IMFA’s total ferro chrome production is projected to reach approximately 400,000 tonnes in FY27 and 475,000 tonnes in FY28, supported by captive raw material sourcing and integrated power generation.
Commenting on the development, Mr. Subhrakant Panda, Managing Director, IMFA, said:
“This transformational acquisition fast-tracks our expansion plans and takes our total installed capacity beyond 0.5 million tonnes. It strengthens our domestic market presence at a time when ferro chrome demand is rising with India’s economic growth. We will leverage operational synergies and cost efficiencies to enhance profitability, while funding the deal entirely from internal accruals reflects the robustness of our balance sheet.”
Established in 1961 and headquartered in Bhubaneswar, IMFA currently operates 190 MVA of installed furnace capacity, producing 284,000 tonnes per annum of value-added ferro chrome. The company runs manufacturing complexes at Therubali and Choudwar, supported by 204.5 MW of captive power generation (including 4.5 MWp solar) and captive chrome ore mines in Sukinda and Mahagiri.