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Indian Metals & Ferro Alloys (IMFA) said its growth plan will accelerate after agreeing to acquire Tata Steel’s Kalinganagar ferro-chrome plant for ₹610 crore, with closing targeted in about three months and funding via internal accruals. Management said the deal effectively advances a second-phase addition of ~100,000 TPA that would otherwise have taken several years.
IMFA is already executing a greenfield ferro-chrome unit at Kalinganagar adding ~100,000 TPA, with phased commissioning from June 2026. Combining the greenfield project with the acquired capacity, the company expects installed capacity of ~5.44 lakh TPA by FY28, supporting ~4.75 lakh TPA of production over the period.
Planned investments include ₹900 crore for the greenfield facility and about ₹1,000 crore over five years to expand mining capacities. IMFA is also diversifying with a ₹150 crore, 120 KL/day ethanol plant. Revenues were ~₹2,600 crore in FY25, with a targeted ramp to ~₹5,000 crore as volumes rise and ferro-chrome prices recover toward ₹1.15–1.18 lakh per tonne.
The company said the acquisition strengthens its integrated model—linking ore, power and smelting—while improving delivery reliability to stainless and alloy steel customers in India and overseas. Further updates on timelines and commissioning milestones are expected post-closure.
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