Bhubaneswar. Indian Metals & Ferro Alloys Limited (IMFA) has completed the strategic acquisition of Tata Steel Limited’s ferro chrome plant at Kalinganagar in Jajpur district of Odisha.
Indian Metals and Ferro Alloys Limited has acquired the ferrochrome plant from Tata Steel for Rs 707.26 crore, the company said in a statement on Saturday. Spread over 115 acres, the plant, located in Kalinganagar district of Odisha, currently has four furnaces, capable of producing 1,00,000 tonnes per year.
The acquisition amount has been financed entirely from internal accruals. The total deal value of Rs 707.26 crore includes GST and working capital with a base price of Rs 610 crore, IMFA said.
The company said that the work of the 5th furnace there is still incomplete, which will be completed in about a year. After its commissioning, the total production capacity of the plant will increase to 1,50,000 tonnes per annum.
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