IMFA plans Rs200 cr expansion
Jun 08, 2004
New Indian Express

IMFA Group, comprising Indian Metals and Ferro Alloys Ltd and Indian Charge Chrome Ltd, has announced a major expansion plan involving an outlay of Rs 200 crore.

The group, the country's largest producer of ferro alloys, proposes to expand its furnace capacity by 96 MVA (2X24 MVA and 1X48 MVA) from 130 MVA now on land already available next to its existing industrial complex at Choudwar.

When completed, the three phase project would push up the ferro alloys production capacity by 1.4 lakh tonnes per annum (tpa) from 1.7 lakh tpa now, according to a company statement here.

Financial closure has already been achieved for the 24 MVA furnace to be put up in phase 1 and the furnace would be commissioned in June 2005, it said.

Discussions pertaining to equipment and financial closure of the second phase that is to be commissioned in 2007-2008 have started, while the third phase will be commissioned in 2009-2010, it informed, adding, the chrome ore requirement for phase 1 would be 1 lakh tpa, which would go up to 4 lakh tpa at the end of phase 3.

Meanwhile, the company is also working towards financial closure of a 120 MW power plant, which would be operational by 2007-08, at a cost of Rs 400 crore.

Commenting on the developments, Subhrakant Panda, Joint Managing Director, IMFA Group said the ferro chrome industry was witnessing a strong demand both within and outside the country.

"Our expansion plans have been formulated with a view to not only tap into increasing demand but also build on our leadership position in the industry," he said.

Top IMFA officials met Chief Minister Naveen Patnaik recently to apprise him about the expansion plan that seeks to add as many as 1,200 direct jobs.

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