Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated ferroalloys producer, has signed definitive agreements to acquire Tata Steel’s ferrochrome plant in Kalinganagar, Odisha, for INR 610 crore (USD 68.7 mln), the company said in a stock exchange filing.
The acquisition will raise IMFA’s total installed capacity to over 0.5 mln tons per year, making it the country’s largest and the world’s sixth-largest ferrochrome producer. The facility includes four furnaces with a combined output of 100,000 tons per year, expandable to 150,000 tons once a fifth furnace is commissioned.
IMFA said the plant’s proximity to its captive chrome ore mines and planned greenfield expansion will create cost and operational synergies. The transaction is expected to close within three months, subject to customary approvals.
Founded in 1961 and headquartered in Bhubaneswar, IMFA operates integrated manufacturing complexes at Therubali and Choudwar with an existing production capacity of 284,000 tons of ferrochrome annually.
1 USD / 88.6 INR
