IMFA to invest Rs 700 cr in capex, power
Oct 18, 2006
Indian Express

The country's largest producer of ferro alloys, Indian Metals & Ferro Alloys (IMFA), is going in for major restructuring while drawing up capacity expansion plans worth Rs 700 crore for the next 2-3 years. IMFA has announced the merger of subsidiary Indian Charge Chrome with the holding company to consolidate its position with a total capacity of 220,000 tonnes of ferro chrome and 36,000 tonne capacity of ferro silicon.

IMFA will invest Rs 150 crore in phases towards adding capacity in ferro chrome in the near future. It hopes to jack up its overall ferro chrome capacity to 350,000 tonne by the end of this decade.

The bulk of the investments, however, will be in the virgin territory of power sector. IMFA has already set up a 108 MW captive power plant and wants to use its expertise in the area. "We will invest Rs 120 crore in a 30 MW co-generation power plant to be operational by March 2008 and a 120 MW coal based power plant with an investment of Rs 400 crore by March 2010," said IMFA director Subhrakant Panda.

The merger of the two entities will help the company synergise operational and financial aspects while positioning itself favourably for all the stakeholders. "We have envisioned an aggressive strategy and a common balance sheet will only strengthen our group," Panda said. ICCL's merger with IMFA was part of the debt restructuring proposal cleared by the financial institutions led by IDBI.

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