IMFA completes strategic acquisition of Tata Steel Limited`s (TSL) ferro chrome plant
Indian Metals & Ferro Alloys Ltd (IMFA; estd 1961), the country’s leading fully integrated producer of value-added ferro chrome, has announced the completion of the strategic acquisition of Tata Steel Limited’s (TSL) ferro chrome plant in Kalinganagar, Odisha. The transaction is valued at Rs 707.26 crore comprising base consideration of Rs 610 crore along with GST and net working capital, and has been funded entirely from internal accruals.
Spread across 115 acres in Kalinganagar, the newly-acquired facility consists of four furnaces capable of producing 100,000 tonnes per annum (tpa) annually which will further increase to 150,000 tpa when the partially built fifth furnace is commissioned in approximately one year.
Commenting on the acquisition, Mr Subhrakant Panda, Managing Director, IMFA said: “It is a transformative deal which marks a key milestone in the company’s growth journey. We are committed to creating value for all stakeholders by working towards a smooth and seamless integration which delivers significant operational synergies. Together with our greenfield expansion, it positions us as India’s largest producer of ferro chrome and amongst the foremost globally. We will continue to shape the future of ferro chrome – responsibly, sustainably and ambitiously.”
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