Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated ferro alloys producer, has signed definitive agreements to acquire Tata Steel Limited’s (TSL) ferro chrome plant located in Kalinganagar, Odisha. The acquisition, valued at ₹610 crore, will add 99 MVA of furnace capacity — comprising 66 MVA operational and 33 MVA under construction — strengthening IMFA’s leadership in the ferro chrome sector.
With this acquisition, IMFA’s total capacity will exceed 0.5 million tonnes per annum, establishing it as the largest producer in India and the sixth largest globally. The 115-acre Kalinganagar facility includes four furnaces with a combined production capacity of 100,000 tonnes per year, which will increase to 150,000 tonnes per year upon the commissioning of a fifth furnace.
The plant’s location near IMFA’s captive chrome ore mines and the company’s ongoing greenfield expansion projects is expected to generate substantial operational efficiencies and cost advantages. Subject to regulatory approvals and other closing conditions, the transaction is expected to be completed within three months.
Commenting on the development, Subhrakant Panda, Managing Director, IMFA, said “This strategic acquisition marks a major milestone in our growth journey. Combined with our greenfield expansion, it will take IMFA’s total installed capacity beyond half a million tonnes, positioning us to meet growing domestic demand driven by India’s economic momentum. Our fully integrated operations and prudent financial management will ensure strong value creation and sustained profitability.”
He further added “The transaction is being funded entirely through internal accruals, reflecting the financial resilience of our company. We will leverage this acquisition to achieve cost synergies, strengthen our domestic market presence, and enhance shareholder value.”
Founded in 1961, Indian Metals & Ferro Alloys Ltd (IMFA) is India’s foremost integrated producer of value-added ferro chrome, with an installed furnace capacity of 190 MVA, equivalent to 284,000 tonnes per annum. Headquartered in Bhubaneswar, Odisha, the company operates manufacturing facilities in Therubali and Choudwar, supported by 204.5 MW of captive power generation (including 4.5 MWp solar) and captive chrome ore mines at Sukinda and Mahagiri. IMFA’s operations adhere to global benchmarks and are certified under ISO 9001 Quality Management Standards.
Tata Steel is one of the world’s leading steel producers, with a total crude steel production capacity of 35 million tonnes per annum. The company operates across five continents, with a diverse global presence in both production and commercial activities. For FY2025, Tata Steel reported consolidated revenues of approximately $26 billion, underscoring its position as a top-tier player in the global steel industry.
The company has long been recognized for its commitment to sustainability, with ambitious goals to achieve Net Zero emissions by 2045. It is also undergoing a digital transformation, with plants in Jamshedpur, Kalinganagar, and IJmuiden receiving recognition from the World Economic Forum as Global Lighthouse facilities. These plants exemplify Tata Steel’s leadership in advanced digital manufacturing practices and its ongoing efforts to drive innovation and efficiency across its operations.
Tata Steel’s commitment to responsible steel production is reflected in its achievements, including the first ResponsibleSteel™ certification for its Jamshedpur plant, with over 90% of its steel production in India now coming from certified sites. The company has also received numerous accolades, such as the Prime Minister’s Trophy for the best-performing integrated steel plant in 2016-17 and the 2024 Steel Sustainability Champion award from worldsteel, underscoring its leadership in both sustainability and performance within the global steel sector.
