ICCL repayments cross significant milestone
Current year production & generation on target for new records
Sep 30, 2002
Internal Press Release

Dr Bansidhar Panda, Chairman & Managing Director of Indian Charge Chrome Ltd, today announced that repayments made by the Company to its term lenders has crossed the significant milestone of Rs 50 crores. Addressing the shareholders at the 19th Annual General Meeting of the Company held at Bhubaneswar, he said this represented repayments since January 2000 when the captive chrome ore mines became operational and was in addition to the nearly Rs 45 crores paid earlier.

As far as the operations of the Company are concerned, Dr Panda said that the production of charge chrome & generation of electricity in 2001-02 was slightly lower than the previous year. While charge chrome output was lower due to the relining of the Charge Chrome Plant undertaken during the year which entailed a shut-down of 41 days, generation at the Captive Power Plant was curtailed due to lower internal requirement.

However, both the Charge Chrome Plant and Captive Power Plant are on target during the current year (2002-03) to set new records. For the 6 months ending September 30th charge chrome production has crossed 30,000 mt (representing 96% capacity utilisation) while electricity generation is about 417 mu (representing 99% plant load factor).

While expressing satisfaction at the overall performance of the Company, Subhrakant Panda, Joint Managing Director, said : "We are making regular payments to Financial Institutions & Banks by leveraging our unique position as the only fully integrated producer of charge chrome in India into generating positive cash flows even in the most difficult circumstances. We are hopeful that a financial restructuring package will be finalized soon leading to a turnaround in the fortunes of the Company".

For any information relating to IMFA Group or to enquire about a Press Release issued by us please contact:

Mr Kishore Mohan Mohanty
Bhubaneswar
email: kishoremohanty@imfa.in