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IMFA to invest Rs 750 crore
Nov 28, 2007
Business Standard

Indian Metals & Ferro Alloys Ltd (IMFA), India's largest producer of ferro alloys, has lined up Rs 750 crore investments over the next 2 years for various business expansion activities.

The money will mostly be spent on ramping up the existing ferro alloys capacity, building Independent Power Project and backward integrating into coal mining.

This will give the company further competitive edge, said Subhrakant Panda, Managing Director, IMFA.

The company intends to install two more ferro alloys furnaces of 27 MVA each, which is expected to take its combined furnace capacity to over 200 MVA from 157 MVA at present.

This entails expenditure of Rs 150 crore.

It proposes to set up a 120 MW IPP with an investment of Rs 480 crore while its backward integration into coal mining is estimated to cost Rs 150 crore.

Meanwhile, Odisha minister for energy, culture and information technology (IT), Surjya Narayan Patro, laid the Foundation Stone for the company's 30 MW expansion power project at Choudwar.

The project, estimated to cost Rs 124 crore, will use coal washery rejects as primary fuel besides capturing furnace gas of the company's ferro chrome plant which is presently being flared.

The company, at present, has a captive power plant of 108 MW at its Choudwar facility.

The foundation stone laying for the power project coincided with the celebration of the company's 46th Foundation Day with functions being held at various establishments of the company throughout Odisha as also the 40th anniversary of commencement of production at IMFA's Therubali Complex and birthday of founder-chairman Dr Bansidhar Panda.

Delivering the welcome address on the occasion, IMFA MD, Subhrakant Panda said that the company was awaiting clearance from the state government to manufacture alumina-aluminium by investing more than Rs 8000 crore.

"Value addition has been at the core of IMFA's endeavours for all these years and, indeed, will be the cornerstone of our approach for the next 4 decades and more", he added.

At the Foundation Day celebrations, service awards in the 10, 15, 20, 25 and 30 years categories were presented to employees besides awards on sports, housekeeping, etc.

Panda announced that the Ghanashyam Dash Scholarship for Higher Education, hitherto restricted to only the children of IMFA employees, would now to enlarged.

Starting next year, two new scholarships will be added for all meritorious students domiciled in Odisha.

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