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Mr Subhrakant Panda has steered IMFA with a steadfast commitment to sustainability and stakeholder satisfaction, envisioning India as a pivotal force in global supply chains. Through his strategic vision, IMFA is today a leading fully integrated producer of ferro chrome known for being globally competitive. The company has reached several milestones under his astute leadership, reflecting his dedication to excellence and innovation. 

Mr Panda served as the President of Federation of Indian Chambers of Commerce and Industry (FICCI), the country’s oldest apex business chamber, and the Paris-based International Chromium Development Association (ICDA) which represents the interests of the chrome industry worldwide. He is a firm advocate of India’s potential as a manufacturing powerhouse and believes no global company can think of growth without India. 

Managing Director

Subhrakant Panda

Executive1

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The expectation in the run up to the interim Budget was that there would be no extraordinary announcements since it is only a vote on account. However, that did not diminish interest in what the Finance Minister would present before Parliament given that the global economic outlook remains complex and there are pockets of concern that merit attention domestically even as the economy remains strong. 

Moreover, with elections round the corner, there is a tendency to open the purse strings. In this backdrop, the FM stuck to convention by not announcing any changes to direct or indirect taxes while listing the government’s accomplishments over the last decade and laying out a path for the future. Most importantly, the commitment to fiscal prudence with the deficit for FY24 being contained at 5.8 per cent and a sharp reduction to 5.1 per cent projected for FY25, struck the right chord. 

The continued thrust on capex by way of an 11.1 per cent hike on top of a record outlay in last year’s Budget demonstrated the government’s commitment to support economic growth in a meaningful manner; moreover, infrastructure spending has a multiplier effect which permeates throughout the economy. Further, supported by buoyant revenues, the projection of lower borrowings will give the necessary headroom for the private sector to fund its own investment plans. In a manner of speaking, the Finance Minister – after a couple of years of doing the heavy lifting – is elegantly stepping aside to allow the private sector to step up to the plate. 

The need of the hour is sustainable and inclusive growth. In this context, the measures to promote green growth through viability gap funding for off-shore wind, emphasis on EV ecosystem, and rooftop solar initiative to benefit 1 crore households is noteworthy, and will contribute to India’s journey of achieving net zero by 2070. The government has also laid a lot of emphasis on promoting research & development by setting up of a corpus of ₹1-lakh crore for offering interest-free loans that will encourage the private sector to scale up innovation in sunrise industries. 

Biotechnology, aerospace, defence, space, financial sector are just some of the areas where we are seeing the mushrooming of start-ups offering cutting edge solutions. The proposed corpus will support many of these areas and more and be particularly beneficial to the youth of the country who are brimming with ideas. 

Greater participation of women in the workforce has been an important area for our government. We saw the focus on this aspect once again last year when India hosted the G20 and pivoted the narrative from ‘women development’ to ‘women led development’. Creating an enabling ecosystem for this requires actions on many fronts including health and nutrition. In this budget, the government has added another layer of support by extending the benefits of Ayushman Bharat to all anganwadi workers and ASHA workers & helpers, while aiming to have 3 crore lakhpati didis. Moreover, an immunisation campaign against cervical cancer for girls in the 9-14 years age group is praiseworthy. 

As for the agriculture sector, again there was plenty in the interim Budget to be happy about. Redoubling efforts for increasing private and public investments in post-harvest infrastructure; plan for achieving self-sufficiency in oilseeds; comprehensive program for dairy development and aquaculture – all these bode well for farmers as they will get higher yields from current production as well as diversification. 

The principle of cooperative federalism was also visible in the interim Budget with the provision of ₹75,000 crore as fifty-year interest-free loans to support milestone-linked reforms by State governments. This will give a further fillip to the vision of a ‘Viksit Bharat’. 

The overarching theme of this vision, focussing as it does on sustainable and inclusive growth, was evident in the interim Budget. This not only underscores a long-term commitment to reforms but also instills confidence in India’s economic journey. 

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The expectation in the run up to the interim Budget was that there would be no extraordinary announcements since it is only a vote on account.

Long-term vision in an interim Budget

Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Limited, says positive reforms such as the Insolvency and Bankruptcy Code (IBC) have encouraged companies to be more disciplined about their investments 

Private investment is taking place in the country, but is concentrated in a few sectors and has been exhibiting a “stop-start” effect since the COVID-19 pandemic, according to Subhrakant Panda, Managing Director of Indian Metals & Ferro Alloys Limited and former President of the Federation of Indian Chambers of Commerce & Industry (FICCI). 

While some of the reasons behind this — global uncertainty and adequate current capacity — are more well known, Mr. Panda also points out that recent positive reforms such as the Insolvency and Bankruptcy Code (IBC) have encouraged companies to be more disciplined about their investments. 

“It’s not as if there is no investment across the board,” Mr. Panda told The Hindu in an interview. “There is a reasonable amount of investment that is happening. Money will flow where there is opportunity.”  

“I think there are sectors that are more in focus and are therefore getting investments,” he added. “It’s not surprising that a lot of investment is going into renewables, a lot of investment is going into logistics-related infrastructure. No doubt, a bulk of the heavy lifting is being done by the government, but private sector investment is coming in there as well.” 

One of the less-talked-about factors that has slowed investment activity as compared to previous years is increased discipline by investors, Mr. Panda pointed out. 

“I think the IBC is one of the most major reforms that the government has enacted, a very good reform,” he explained. “But the flip side of the reform is that, today, if a capex decision goes wrong, there are consequences. So there is that added layer of ‘let me be sure before I go ahead’.” 

IBC has brought about additional discipline in companies by instilling the notion that, if they take on debt and invest that into expansion, there are consequences if that does not play out the way they anticipated. 

“I don’t want to go down the path of saying what was happening earlier, but I think a better way of putting it is to say that today there are consequences for a wrong call and therefore it is important to be absolutely sure before you invest,” Mr. Panda added. “Does that add a slight hesitation to an investment decision? Perhaps!” 

He did clarify that it was not as if the private sector players operated as if there were no consequences earlier, but that these consequences are now “more stark”. 

Notably, Mr. Panda also pointed out that the IBC might actually be resulting in an undercounting of private investment. “The other interesting aspect of IBC is that a lot of money has gone into reviving dead assets or underutilised assets,” he explained. “I am not sure if an investment to acquire an asset under IBC is also being counted as private capex or not, but the fact is that is also money that is going into enhancing productive capacity.” 

Mr. Panda explained that the years before the pandemic were not very much better in terms of global uncertainty. Then, too, it was the Donald Trump effect. 

“In the pre-COVID years, if we were to extrapolate based on our experience in our industry, 2018 and 2019 were two very tough years because of all the trade disputes between the U.S. and China, particularly, which were creating turmoil throughout global markets,” he said. 

He added that, while this uncertainty was definitely felt by the metals and alloys sector, it was fair to assume that this was the case for most of the Indian economy, barring a few exceptions. 

“There was uncertainty due to all the tariff disputes in Trump 1.0,” Mr. Panda asserted. Now, geopolitical issues including tariff uncertainties brought on by Mr. Trump are playing spoilsport again, he added. 

“If you look at private investment from 2021-22 onwards, the data shows that every alternate year, capex has grown,” Mr. Panda explained. “FY25 saw the highest growth of about 55-60%, in investment intentions.” 

This “stop-start” has a lot to do with the continuing uncertainties around the world, he said. When the economy emerged from COVID, companies took about 18-24 months to gauge the scenario before committing to major investments. 

“What has also happened in the last few years is that you have had a panoply of geopolitical issues, whether it is the conflicts, whether it is several other issues and now, of course, trade disputes in the form of reciprocal tariffs again coming up,” he said. “So, I think all of that has had an input.” 

Mr. Panda pointed out that the capacity utilisation of the private sector — a measure of how intensively it was using existing capacity — stood at about 75% at an aggregate level. This, he explained, was not high enough to encourage fresh investments. 

“When we were coming out of COVID, capacity utilisation inched up from the high 60s to the high 70s,” he explained. But initially it was very disproportional, where certain sectors such as auto, paper, etc., were 90% plus and certain sectors, which were below the average. Now it’s a lot more secular growth, if I can put it that way.” 

“But the general principle is that unless you cross 80% capacity utilisation, you generally don’t look at replacements,” he said. “So, that is where it is.”  

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Subhrakant Panda, Managing Director of IMFA, talks about the stop-start effect since the COVID-19 pandemic and also on the positive reforms such as IBC.

Blog | Private investment happening, but Trump effect and increased discipline is creating a ‘stop-start’ effect: ex-FICCI president 

Private investment happening, but Trump effect and increased discipline is creating a ‘stop-start’ effect: ex-FICCI president 

India stands at the crossroads in its journey towards a green, tech-driven future where critical minerals like lithium, cobalt, and nickel, along with rare earth elements (REE), will play a vital role. Used in everything from solar panels to EVs and washing machines to fighter aircraft, they cannot be replaced. However, India’s near-total import dependence has emerged as a significant strategic concern. 

China, which controls 70% of rare earth mining and 90% of refining, has leveraged its dominance. In 2023, on the heels of the US restricting exports of advanced semiconductor chips, China imposed export curbs on gallium, germanium, and graphite citing national security concerns. 

More recently, it restricted the supply of rare earth magnets in response to reciprocal tariffs. The resultant disruption to global supply chains was wide-ranging and, along with other steps targeted specifically at India, has raised questions about our industrial resilience. Addressing this will require strengthening domestic capabilities, including achieving technological self-reliance and diversifying global sourcing. 

Despite holding the world’s third-largest REE reserve base, India contributes less than 1% to global output because deposits are largely low grade and there is hardly any processing capacity for downstream alloys and magnets. This is set to change dramatically with National Critical Minerals Mission (NCMM), led by the ministry of mines and supported by Geological Survey of India (GSI) and Khanij Bidesh India Limited (KABIL). 

Announced earlier this year with an outlay of Rs 34,300 cr ($4 bn), the mission aims to ‘secure long-term sustainable supply of critical minerals and strengthen India’s critical mineral value chains encompassing all stages from mine exploration and mining to beneficiation, processing, and recovery from end-of-life products’. Essentially, it will transform India from a vulnerable importer to a leader in the critical minerals ecosystem. 

While GSI has been tasked with conducting 1,200 exploration projects by 2030, UGC has proposed setting up a Centre of Excellence in Mineral Processing, and the Anusandhan National Research Foundation has allocated Rs 1,000 cr to support advanced research. 

Additionally, a Rs 1,500 cr scheme launched in June under NCMM will promote a circular economy by supporting initiatives aimed at material recovery, reuse, and recycling. In this context, pilot projects in Telangana have shown potential for extracting scandium and strontium from the overburden of coal mines. 

More recently, Quad Critical Minerals Initiative was launched to focus on securing and diversifying supply chains through collaborative efforts in mineral recovery, recycling, sustainable mining, and technology sharing. It also looks to counter non-market practices like export restrictions and encourages private sector engagement through the Quad Business Roundtable. 

KABIL has entered into an agreement with CAMYEN, a state-owned enterprise in Argentina, for a lithium exploration and mining project, and the India-Australia Critical Minerals Investment Partnership will pursue lithium and cobalt assets Down Under. 

Bilateral agreements have also been signed with Peru, Malawi, Mozambique, and Zambia, among others, and the ministry of mines has initiated the process of entering into G2G MoUs with Brazil and the Dominican Republic. 

Further, with a view to amplifying its strategic positioning as a rising economic power, India is also part of multilateral platforms such as the US-led Minerals Security Partnership, Indo-Pacific Economic Framework (IPEF), Initiative on Critical and Emerging Technologies (iCET), and the G7 Critical Minerals Action Plan, which aim to promote innovation and circular economy practices to strengthen the critical minerals value chain. 

Thus, there is a concerted effort to leverage the nation’s increasing sphere of influence to underpin economic ambitions. However, recent developments reflect potential hurdles. China’s export curbs on rare earth magnets, of which it controls 80% of global supply, have had a chilling effect on India’s EV industry and can also derail the success achieved in electronics manufacturing. It drew the attention of PMO, which held a high-level review meeting to take stock of the situation and assess the Rs 1,345 cr incentive scheme aimed at bolstering domestic manufacturing of rare earth magnets. 

There are limitations on what can be done to significantly alleviate the impact of a continuing curb on exports by China. However, it is a definite call for action to develop indigenous capabilities and become self-reliant. 

India’s clean energy ambitions and the renaissance of its manufacturing sector stand on a foundation of minerals it scarcely controls. NCMM is an ambitious roadmap to reduce import dependency by 30–40% by 2035 and, in conjunction with various policy initiatives and trade pacts, $100 bn in economic value stands to be unlocked by 2040. In effect, it is the bedrock of PM Narendra Modi’s vision of Viksit Bharat. 

There will be challenges along the way but, if this strategy is executed with speed and at scale, the next decade will see India emerge as an important player globally in critical minerals, thereby securing its economic future while meeting climate commitments. 

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India stands at the crossroads in its journey towards a green, tech-driven future where critical minerals like lithium, cobalt, and nickel 

India’s critical minerals push gathers steam

Indian Metals & Ferro Alloys Ltd (IMFA), a leading ferrochrome producer, has put in place nearly ₹2000 crore expansion plan, that include greenfield capacity expansion, ramping up chromite ore — a key feedstock for stainless steel making — mining and a foray into ethanol production. 

Capital expenditure (capex) will be primarily from internal accruals, and some through a mix of debt, mostly term loans. However, under no circumstance would the debt-to-equity ratio cross the 0.5 per cent “upper cap”, Subhrakant Panda, Managing Director, IMFA, told businessline. 

IMFA continues to be a long term net debt free company. 

The cornerstone of IMFA’s capex is a ₹900 crore greenfield expansion at its Kalinganagar facility in Odisha which includes the commissioning of two new furnaces with a combined capacity of 1,00,000 tonnes. These projects are expected to be completed by 2026. 

Of the two, the first furnace is slated for completion by June 2026 and the second one “some two to three months after that”. This project also features a waste heat recovery power plant to enhance operational efficiency. 

Panda said that around ₹150–200 crore of this capex has already been deployed, with the remainder to be rolled out over the coming months. The Kalinganagar capex, part of this broader initiative, is expected to conclude by June 2026. 

IMFA is also keeping an eye on international opportunities — for chromite ore — and also India’s critical mineral blocks leveraging its mining and processing expertise. The company will, however, prefer to steer clear of high-cost regions due to logistical and electricity cost concerns. 

Simultaneously, IMFA is also investing over ₹1,000 crore to bolster mining operations, aiming to scale its capacity to 9 lakh tonnes by the end of 2026, with a further increase to 12 lakh tonnes in Phase-II of the project. 

This investment, spread over four to five years, underscores “IMFA’s commitment to securing raw material supply chains to support its core ferro-alloys business.” 

The current production target (for FY26) from its Sukinda and Mahagiri mines is 8 lakh tonnes and the FY25 production was around 7 lakh tonnes. 

“We remain confident of improving demand for stainless steel in India and in line with demand projections, we are looking at a capacity ramp up of our mines,” Panda said. 

Adding a new dimension to its portfolio, IMFA is venturing into ethanol production with a ₹160 crore investment in a 120 KLD (kilo litres per day) plant at its older unit in Therubali, Odisha. The plant is set to be operational by Q1 2026 (Jan - Mar). 

Panda said, this is as a value-accretive B2B business and “leverages existing infrastructure” and complements the company’s core strengths “without diverting focus from ferroalloys”. This strategic diversification aligns with the company’s expertise in processing and resource utilization. 

For the June quarter, IMFA’s ferro chrome production and sales stood at 65,929 tonnes and 66,580 tonnes respectively. Nearly 90 – 95 per cent of its existing sales is in exports. 

In Q1FY26, the company had revenue of ₹641.54 crore and a PAT of ₹92 crore. 

“Ferro chrome prices picked up during the first quarter of FY26 reflecting a trend reversal and, combined with steady operations sharply focused on efficiency and cost control, led to an improved financial performance,” he said. Prices were up by approximately ₹10,000 per tonne, over Q4FY25 exit prices. July trends indicate further firming up of prices by 3–3.5 per cent with early indications being that Q2 prices could be better. 

According to Panda, with reciprocal tariff related uncertainty starting to settle down, a positive impact on global trade is expected, especially if inflation continues to remain relatively muted. The shift toward domestic markets through the Kalinganagar expansion is expected to diversify revenue streams and reduce exposure to global volatility. 

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Indian Metals & Ferro Alloys Ltd (IMFA), a leading ferrochrome producer, has put in place nearly ₹2000 crore expansion plan

IMFA bets big with ₹2,000 crore capex push across chrome, mining and ethanol

IMFA is aggressively scaling up its operations to expand its market presence 

Indian Metals & Ferro Alloys Ltd (IMFA) is expanding its capacities in a big way, aiming to double its business in the next few years. The company, looking to further increase its footprint in the ferrochrome market, is one of India’s leading fully integrated producers of value-added ferrochrome, which is a crucial alloy used in the manufacture of stainless steel.  

IMFA’s two production facilities at Therubali and Choudwar in Odisha are fully backed by captive power generation of around 204.5 MW, as well as its own chrome ore mines in Odisha’s Sukinda and Mahagiri (FY25 combined production: around 700,000 tonnes). The ₹2,600 crore company exports around 90 per cent of its ferrochrome production to China, Japan, South Korea, and South East Asia. Over the years, IMFA has been recognised globally as a reliable and cost-competitive producer, with a particular focus on customer satisfaction. 

The BSE/NSE-listed company has developed long-standing relationships with its customers, which include, among others, multinationals like POSCO of South Korea, Tsingshan Group of China, E-United Group of Taiwan, Marubeni Corporation and Nisshin Steel of Japan, as well as other leading stainless steel producers in China and Taiwan. Within India, stainless steel producers such as Jindal Stainless, Rimjhim Ispat, BRG Steel, AIA Engineering, and Shah Alloys are among its customers. 

Ferrochrome is a key ingredient in the production of stainless steel. It is an alloy of iron and chromium, typically containing 50-70 per cent chromium, and it’s essential for imparting corrosion resistance and other desired properties to the steel. Over 80 per cent of the world’s ferrochrome is utilised in the production of stainless steel. The average chrome content in stainless steel is around 18 per cent. Ferrochrome is produced by electric arc carbothermic reduction of chromite. Most of the global output is produced in South Africa, Kazakhstan, and India, which have large domestic chromite resources. 

In India, apart from IMFA, other manufacturers of this alloy include players like Tata Steel, Ferro Alloys Corporation, Balasore Alloys, Bharat Ferro Alloys, Ferromax Alloys, Jai Balaji Industries, Visa Steel, and Jindal Steel & Power Ltd. The total installed capacity for ferrochrome manufacturing in India is estimated to be over two million tonnes per year. 

IMFA, incorporated in 1961, is currently on an expansion spree aimed at almost doubling its turnover to around ₹5,000 crore in the next 4-5 years. The Bhubaneswar-headquartered company is produced by electric arc carbothermic reduction of chromite. Most of the global output is produced in South Africa, Kazakhstan, and India, which have large domestic chromite resources. 

The company is currently undertaking a major capex programme to significantly boost its capacity. The company is investing around ₹2,200 crore to expand its ferrochrome production capacity as well as its mining capacity for chrome ore. 

The ongoing expansion will see the company’s annual ferrochrome installed capacity increase by 100,000 tonnes to 384,000 tonnes by September 2026, from the present 284,000 tonnes (190 MVA installed smelting capacity). The project is estimated to cost around ₹900 crore. The company is all set to establish a new state-of-the-art greenfield production facility at Kalinganagar, Odisha. The first furnace is scheduled for completion in June 2026, and the second in September 2026. The groundbreaking ceremony for this new facility was recently undertaken in the presence of the Chief Minister of Odisha. 

In order to support its expanded ferrochrome capacity, the company, which employs over 2,000 people, is also increasing its chrome ore mining output to 900,000 tonnes annually by FY27 in Phase I, and finally to 1.2 million tonnes by FY31. IMFA will invest around 11,000 crore across these two phases to increase its mining production. 

The company is also adding 110 MW of hybrid renewable energy (wind and solar) to its existing captive power generation of around 204 MW. It has signed a long-term power purchase agreement (23.84/unit) with JSW Green Energy for 70 MW. Furthermore, it has entered into another binding term sheet with Ampin Energy Utility One to acquire hybrid renewable energy of 40 MW contracted demand (PPA at 23.75/unit). Captive power generation ensures uninterrupted and reliable power supply, which is important since ferrochrome production is power-intensive. The company will invest around ₹145 crore in scaling up its power generation. 

Moreover, it is diversifying into ethanol production with an estimated investment of around ₹150 crore. A state-of-the-art grain-based ethanol plant is being developed as a brownfield project, leveraging surplus land and existing infrastructure available in Therubali. Designed with advanced technology, the facility will enable high-quality, efficient, and eco-friendly production of 120 KL per day upon completion by January 2026. In another move, the company is also evaluating the possibility of mining critical minerals like lithium, nickel, and others, given its long-standing presence in the mining sector. 

“The landscape for stainless steel, and by extension ferrochrome, has received a boost from government-led spending on infrastructure, even as there is a nascent revival in private sector capex. Against this backdrop, IMFA is strategically well positioned to take a quantum leap by leveraging its fully integrated operations and debt-free balance sheet as it shifts to a ‘Risk On’ approach. We reached new heights in production in FY2025, achieving record levels in ferrochrome output of 700,000 tonnes. All our expansion plans are well underway, with additional production capacity being developed to meet future demand. Key strategic initiatives, such as leveraging surplus land for ethanol production, align with government policies and demonstrate our adaptability without detracting from our core business,” says Subhrakant Panda, 54, Managing Director, IMFA. 

“Our strategic measures revolve around capacity expansion, captive ore utilisation, and business de-risking. Our integrated operations ensure efficiency and cost optimisation across the production process, enhancing resilience amidst disruptions and stabilising market fluctuations. Buoyed by the resilience of our business model, we are confident about the future as we look to embark on a sustained growth journey. We are committed to creating long-term value for our stakeholders and fostering inclusive growth for communities, thereby aligning with India’s growth trajectory,” adds Panda. 

While the company is pursuing its expansion programmes as planned, it had to face a challenging macroeconomic scenario during FY25. Uncertain geopolitical conditions and an overall correction in ferrochrome prices in the global market adversely impacted its topline during the year, with revenue decreasing to around 12,565 crore from around 22,780 crore in FY24. However, the company improved its PAT to ₹378 crore from ₹363 crore in the previous year. In FY25, the company produced 260,000 tonnes of ferrochrome. With a 52-week high/low of 998/550, the company’s stock at NSE was priced at ₹615 on 30 May 2025 (Market Cap: ₹3,370 crore). 

“Despite a challenging macroeconomic environment and depressed commodity prices during Q4 FY25, IMFA demonstrated resilience by leveraging its fully integrated business model and long-term debt-free balance sheet, along with a sharp focus on operational efficiency. With ferrochrome prices recovering from recent lows, we are seeing improved margins in the ongoing quarter, which will translate into better financial performance going ahead,” believes the IMFA MD. 

“At the macroeconomic level, Q4FY25 experienced uncertainty on trade policy-related developments, along with the geopolitical situation impacting several segments of commodity markets. Despite this, IMFA demonstrated resilience and cost optimisation and operational efficiency by leveraging its fully integrated business model,” says Saunak Gupta, CFO, IMFA. 

According to market observers, commodity markets in general were affected by geopolitical disputes and uncertainties brought about by trade policy-related developments. As a result, ferrochrome prices in particular contracted sharply, making it unviable for most producers, especially as chrome ore prices remained elevated due to supply constraints. South Africa continued to experience high logistics and electricity costs, and global major Glencore announced that it would curtail chrome production until market conditions were more conducive. 

“There has been a noticeable turnaround in ferrochrome prices, supported by measures taken by China to support domestic consumption. Moreover, the announcement of a preliminary deal to walk back reciprocal tariffs by the US and China is also a positive development. As such, a positive bias for ferrochrome prices is expected in the first half of FY26, especially given higher input costs,” states Bijayananda Mohapatra, whole-time director and COO, IMFA. 

“While the macroeconomic environment remains uncertain, early signs of recovery in pricing, particularly from April onwards, give us confidence in a more stable FY2026. Globally, stainless steel production has grown by 7 per cent in calendar year 2024, and capacity rationalisation in markets like South Africa is expected to rebalance the supply-demand dynamics. In FY2026, we remain focused on cost optimisation, operational efficiency and executing our growth initiatives to deliver value to our stakeholders,” adds Gupta. 

According to Fortune Business Insights, the global ferrochrome market, which was valued at $16.92 billion in 2023, is projected to grow to $26.55 billion by 2032, exhibiting a CAGR of 5.1 per cent during the forecast period. Asia-Pacific dominates the ferrochrome market with a market share of around 47.2 per cent. In fact, the global trade of ferrochrome is driven by major producers like South Africa, Kazakhstan, India and Turkey, with China being the largest consumer. The demand for ferrochrome is driven by increasing stainless steel production, following growing demand from various end-use industries such as automotive and construction. 

Going ahead, increasing stainless steel consumption in the construction industry will serve as a major driving factor for the market to grow significantly. Stainless steel was not commonly utilised in building structural applications initially, owing to its high cost. However, technological advances have made these steels more accessible and affordable over the last decade, while improving corrosion resistance and longevity. Considering the growing number of commercial and residential buildings, increasing commissioning of infrastructural projects, and rising water leakage issues will augment the demand for stainless steel in the construction industry. Stainless steel is also extensively used in automotive applications, as it is corrosion-resistant and has high-temperature oxidation, which offers safety absorption properties and maintains its mechanical properties over a wide temperature range. 

The global stainless steel market size was estimated at $117.63 billion in 2023 and is expected to grow at a CAGR of 6.7 per cent from 2024 to 2030. Over the past four decades, the stainless steel industry worldwide has been extraordinary. Stainless steel has surpassed other metals, including carbon steel, aluminium and copper, driven by increasing demand. From 1980 to 2021, stainless steel demonstrated a CAGR of 5.35 per cent, significantly higher than the average CAGR of 2.5 per cent for other metals. 

While China and Indonesia are expected to be the primary drivers of overall stainless steel production growth, India’s stainless steel consumption has shown robust growth over recent years, reflecting the country’s increasing demand and industrial expansion. In FY22, the consumption was 3.6 million tonnes per annum. By FY30, this is projected to reach 6.5 MTPA. This growth trajectory represents a CAGR of around 7.0-7.5 per cent, indicating a steady and significant increase in the demand for stainless steel in the coming years. 

“India currently holds the position of the second-largest global consumer of stainless steel, with its consumption projected to increase significantly. The per capita consumption of stainless steel, which stands at 2.8 kg, is expected to rise to between 8.5 kg and 11.5 kg by 2047. The demand for stainless steel is anticipated to grow. Stainless steel’s unique properties, such as corrosion resistance, lower life cycle costs, 100 per cent recyclability, and sustainability, have driven its significant growth across various industries,” says Vijay Sharma, Director, Corporate Affairs at Jindal Stainless Ltd, which is expanding its production capacity to 4.2 million tonnes from its current 3 MTPA. 

Amidst these developments, IMFA has carved a distinct place for itself in the global market, competing with players like Tata Steel; Ferro Alloys Corporation; Eurasian Resources Group of Luxembourg; Assore of South Africa; Jindal Steel & Power Ltd; Balasore Alloys Ltd; Glencore of Switzerland and TNC Kazchrome JSC of Kazakhstan. 

“We have a distinct edge over other players since we are a fully integrated producer of ferrochrome with substantial smelting capacity, which is backed up by captive chrome ore mines and in-house power generation. With more than six decades in the business, we are known for our quality, reliability and customer orientation. With a strong foundation provided by a resilient business model, operational excellence, enduring customer relationships, and a debt-free balance sheet, we are confident about our future,” states Panda. 

“Currently, our primary focus is on the ferrochrome expansion project in Kalinganagar. However, taking advantage of surplus land and infrastructure, we are also venturing into ethanol production at Therubali. Our carbon footprint will also reduce on account of a commitment to tie up hybrid renewable energy for the expansion project, resulting in a 25 per cent renewable energy mix going ahead,” adds the IMFA MD, Panda. 

Since assuming the role of managing director in 2006, Panda has significantly contributed to IMFA’s growth and operational excellence over these years. IMFA was born out of the visionary leadership of his father, Bansidhar Panda (who passed away on 22 May 2018), a trailblazer who laid the foundation for Odisha’s industrial growth. With advanced degrees from Michigan Technological University and Harvard University, his father was deeply inspired by the transformative power of science and innovation. 

With a degree from Banaras Hindu University, his father left for the United States in the 1950s to study at Michigan Technological University and Harvard University. On returning from the US, where he worked as a researcher, he established IMFA, starting with a ferroalloy plant at Therubali in the then remote and backward district of Rayagada in 1961 – a bold step that revolutionised the state’s industrial landscape. 

Born in Cuttack, Odisha, Panda completed his schooling at Stewart School, Bhubaneswar, and Delhi Public School, R K Puram, Delhi. In 1993, Panda graduated with honours from Boston University’s Questrom School of Business with a dual concentration in Finance and Operations Management, and was inducted into the Golden Key International Honour Society and Beta Gamma Sigma Honour Society of the Association to Advance Collegiate Schools of Business. 

Panda has been actively involved in various leadership capacities within the Federation of Indian Chambers of Commerce & Industry. He served as the President of FICCI (2022–23), following a progression through the ranks, having held positions as Senior Vice President and Vice President from December 2021 to December 2022, and December 2020 to December 2021, respectively. 

His leadership qualities are well manifested within his own company as well. Leading from the front, he has guided IMFA to become one of the leading producers of value-added ferrochrome. The company’s integrated business model has positioned it as a reliable and cost-effective producer of best-in-class quality ferrochrome, both domestically as well as internationally. He firmly believes in sustainable and responsible growth. 

“At IMFA, sustainability is not just about securing resources; it is a holistic commitment that permeates every aspect of our operations. We believe in prioritising long-term gains over short-term profits, guiding our decisions towards a future that is not only financially sound but also environmentally responsible. There is a keen focus on sustainability, and we have a longstanding commitment to environmental responsibility; this is evident in initiatives such as zero discharge operations at Choudwar and intensive pollution control measures, including water treatment plants at our mining operations. Most importantly, we look to reduce our carbon footprint through greater use of renewable energy in times to come,” explains Panda. 

“Going ahead, we are committed to optimising our operations, further expanding our renewable energy footprint, and driving sustained value creation for our employees and stakeholders. Our debt-free balance sheet provides a strong foundation for future growth and strategic investments,” states IMFA Group CFO Gupta. 

With all these developments in place, IMFA is all set to start its next growth phase, where it is looking to double its turnover to 5,000 crore from the present level of around 2,600 crore in the next 4–5 years. Over the years, the company has built a strong foundation with a robust asset portfolio. It boasts an impeccable track record of performance backed by its integrated production base, which has enabled the company to establish a resilient business model that has supported it during challenging market conditions. 

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Indian Metals & Ferro Alloys Ltd (IMFA)  

A force to reckon with

To achieve long-term success, businesses must recognize the profound impact of engaged and contented employees on the overall performance and growth of the organization. The success of a business is intricately tied to its team members' collective efforts and commitment. When employees are motivated, satisfied, and fulfilled in their roles, they are more likely to go the extra mile, consistently perform at their best, and actively contribute to the organization's success. This article outlines some strategies organizations can use to build a strong company culture and engage employees effectively. 

Starting with a clear mission and values:

 Establishing a strong company culture requires a clear mission and values. The mission statement expresses the company's purpose, while values guide its business practices. Defining and articulating mission and values is the first step in building a strong company culture that can bring absolute engagement.  

 To align everyone with organizational goals, prioritize clear and transparent communication, organizations must embrace feedback and ideas from employees. At the same time, investing in training and development builds a culture of learning, resulting in higher satisfaction, retention, and a skilled, productive workforce. Inappropriate communication may lead to discontentment among team members.  

Promoting Diversity and Inclusion in the company:

 Diversity and inclusion are now an integral part of any organization. It is vital to attract the best talents and also to promote a higher level of employee engagement. A strong company culture & thriving employee engagement requires promoting innovation, respect, and inclusivity. Encouraging diverse viewpoints allow people to be themselves and embrace everyone, irrespective of gender, heritage or ethnic background thus creating a successful and fulfilling workplace. 

Having a Positive Approach to the work environment:

 A happy work environment is vital for employee engagement and satisfaction. To achieve this, an organization needs to promote open communication, build a sense of community, encourage feedback and collaboration, support work-life balance, and address toxic behaviors. A positive workplace culture reduces stress levels and improves mental wellbeing, which helps in enhancing productivity and retaining top talent. 

 Supporting employees' work-life balance is crucial. Offering wellness programs, proper work schedules, and time off for personal commitments increases the engagement level across organization.  

 Sound leadership is crucial for a positive work environment and employee investment.  It is important to lead by example, modeling desired behaviors and values. Holding self and others accountable, communicating openly and honestly, aligning actions with words are crucial to build a strong company culture. 

Building a successful & progressive organization necessitates happy employees and a strong company culture that can foster trust and dignity. This is accomplished through a clear mission and values, effective communication and collaboration, investment in employee development, recognition of contributions, embracing diversity and inclusion, promoting work-life balance, etc. By creating an inspiring and motivating culture, the organization can thrive and build a competitive advantage in today’s marketplace. 

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The blog post talks about how to build company culture and better employee engagement with clear communication, promoting diversity in company etc.

Blog | Building a Company Culture & Employee Engagement

Building a strong company culture and drivers of employee engagement

Much has been written about India’s emergence as an economic giant – it is the world’s fastest growing big economy, and is currently the fifth largest. Demographics is a major factor in propelling this rise given that the median age is around 29 years and 63% of the population is of working age. However, the labour force participation rate stood at 55.2% in 2022, according to a recent report released by the International Labour Organisation (ILO), which goes on to state that falling labour intensity is due to growth being led by the services sector rather than manufacturing. Therefore, while we are certainly not experiencing “jobless growth”, more steps are needed to harness the demographic dividend. 

First and foremost, there is a need to press ahead with the ongoing reforms agenda as mentioned, if not accelerate, India’s growth trajectory as that will create opportunities galore. There was a welcome reference to this in Finance Minister Nirmala Sitharaman’s Budget speech to initiate and incentivise improvements in productivity and facilitate farmers and sectors to become more efficient. While there is much that the Centre has done to enhance ease of doing business, much more needs to be done to be seen, especially in the context of production concerns the States (which is where the action is). Hence, both need to walk in lockstep to broaden and deepen reforms. 

The Economic Survey for 2023-24 states that technological advancements have led to a declining capital-to-output ratio and an increasing capital-to-labour ratio. It was perhaps in this context that Arvind Panagariya, economist and Chairman of the 16th Finance Commission, while speaking at a recent event in the Federation of Indian Chambers of Commerce and Industry said capital-led economic growth is not ideal as the country has an abundance of labour. 

The reluctance of Micro, Small and Medium Enterprises, the backbone of employment, to grow in size and scale as well as that of large business houses to diversify into labour-intensive sectors can be attributed to the compliance burden and costs imposed by outdated labour laws. 

The impasse over implementing the new labour code as approved by Parliament is sending a wrong signal to existing and prospective investors alike. It is important that one or two States with an evolving manufacturing ecosystem break the logjam by taking the lead. 

The Centre’s efforts to give a boost to the manufacturing sector is generally viewed favourably but the fact that it is unsuitable for 45% of the workforce to be employed in the agricultural sector which accounts for only 15% of GDP. While we must focus on enhancing agricultural productivity, we must not forget those who are engaged in the services sector and more particularly those at the lower end of the services sector – which are highly manpower intensive but suffer from low productivity. 

For this, robust skilling and reskilling programmes, innovation, human resources upgradation, and logistics sector are essential. More than the jobs, the skills we impart today will ensure tomorrow’s workforce is equipped to perform even better and stay ahead of the curve. 

There needs to be greater acceptance of making future skilling an integral part of society. The Economic Survey highlighted that only 4.4% of the workforce is formally skilled as compared to 24% in China. The gap is immense and must be addressed through meaningful public-private partnerships wherein industry plays an integral role in devising the curriculum and imparting “on the job training”. Moreover, skilling is not a one-time intervention but a lifelong process which requires flexibility in institutional mechanisms as well as learning agility. 

The emphasis of the New Education Policy (NEP) 2020 on foundational skills as well as higher order cognitive skills and critical thinking is a good step but, in a constantly changing world, the document must be reviewed periodically and updated. 

Finally, in an era of artificial intelligence (AI) and machine learning (ML), perspective tasks will be taken care of at much faster speed but there will always be a need for human intervention and oversight. While we must not underestimate the impact of AI/ML, neither should it be overestimated. The key is to have appropriate regulations in time to avoid the happenings that we fear of. In addition to the opportunities offered by various emerging sectors, AI/ML itself as estimated by Statista to grow by nearly nine times to become $267.3 billion worldwide market by 2030. Further, according to NASSCOM, India already has the second largest talent pool globally in this field but there remains gap between demand and supply of skills which is projected to widen. Though very much a risk, it is an opportunity which should not be missed. 

Gainfully employing a large, young and aspirational population is not easy but it is a far better challenge than dealing with an ageing population given its attendant economic and societal implications. India is in the sweet spot and must employ a judicious approach to create a talent pool so as to harness this demographic dividend for the benefit of the world at large. 

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Much has been written about India’s emergence as an economic giant – it is the world’s fastest growing big economy, and is currently the fifth largest.

Blog | Demographic advantage, Indian economy’s sweet spot

Demographic advantage, Indian economy’s sweet spot

Digital transformation has revolutionized our lives, changing how we connect and conduct business. This shift brings both incredible opportunities and challenges. Digital transformation is more than just using software, tools, etc. It involves a shift in mindset, culture, and processes.  

In the digital transformation journey, businesses need to assess their current processes, systems, and goals. This helps them understand what they are good at, where they need improvement, and what they want to achieve. By doing this, organizations can create a roadmap that suits their needs. It's important to set clear objectives and key performance indicators (KPIs) to measure progress effectively. Digital transformation helps businesses understand and meet the current vis-a-vis future needs. It is a never-ending process that needs constant change, new ideas, and careful planning. To compete in the digital world, organizations must use new technologies, encourage innovation, and put employees first. This needs to adopt an agile mindset, a culture of feedback & innovation that helps organizations quickly adapt and take advantage of new opportunities.  

Leading in digital transformation is about driving an organization's evolution to effectively leverage digital technologies, data, and processes to adapt to the rapidly changing business landscape. Here are some key principles and strategies for effectively leading digital transformation: 

 Developing a clear and compelling vision for digital transformation that aligns with your organization's overall goals and creating a comprehensive strategy that outlines how digital technologies will be integrated across various functions and departments. 

 Fostering a culture of innovation, agility, and continuous learning. Encouraging employees to embrace change, experiment with new technologies, and be open to new ways of working. 

Collaboration and Cross-Functional Teams:

 Breaking down silos and promoting collaboration & adopting agile practices to enable faster development, testing, and deployment of digital solutions across departments.  

 Investing in training and upskilling the workforce to equip them with the digital skills needed to thrive in the digital age. Hiring and retaining talent with expertise in areas such as data science, artificial intelligence, and cybersecurity, etc. 

 Defining key performance indicators (KPIs) and metrics to measure the success of the digital transformation initiatives.  


We need to comprehend that digital transformation is an ongoing journey, not a one-time project. It requires continuous learning, adaptation, and a willingness to embrace new opportunities and challenges in the digital age. 

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IMFA blog talks about digital transformation, where businesses need to assess their current processes and goals and set key performance indicators (KPIs).