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Indian Metals & Ferro Alloys (IMFA) is an Indian integrated producer of ferrochrome, headquartered in Bhubaneswar, Odisha.[4] As of 2 March 2026, the company has an installed furnace capacity of 289 MVA, supported by 204.55 MW of captive power facilities.[needs update][5][6]

Ferrochrome is primarily used in the production of stainless steel.[7] IMFA exports its Ferrochrome to South Korea, China, Japan and Taiwan.[8]

Indian Metals & Ferro Alloys Limited is a listed company in the National Stock Exchange and Bombay Stock Exchange.[9]

History

Indian Metals & Ferro Alloys (IMFA) was established in 1961 by Bansidhar Panda and Ila Panda. Bansidhar Panda completed advanced degrees from Michigan Technological University and Harvard University, before returning to Odisha to establish a ferroalloy plant at Therubali. His wife, Ila Panda, an alumna of Visva-Bharati University, supported the venture as was a patron of art and literature.[10]

In 1967, IMFA commenced the manufacture of ferrosilicon in Odisha. The company later became the first firm in the Indian subcontinent to manufacture silicon metal using proprietary technology.[11]

Operation

As of 2 March 2026, IMFA has an installed furnace capacity of 289 MVA capable of producing 434,000 tonnes per annum (tpa).[12]

In February 2026, the company completed the strategic acquisition of Tata Steel Limited’s (TSL) ferrochrome plant in Kalinganagar, Odisha. The transaction is valued at ₹707 crore, including a base consideration of ₹610 crore, along with GST and net working capital, and was funded entirely through internal accruals.[13]

IMFA operates captive chrome ore mines at Sukinda and Mahagiri, along with manufacturing complexes at Therubali, Choudwar and Kalinganagar. It also has captive power generation comprising 200 MW from coal-based sources and 4.55 MW from solar.[14][15]

As part of its diversification strategy, a 120 KLD grain-based ethanol plant is being set up at Therubali, Odisha.[needs update][16]

In December 2024, IMFA partnered with JSW Green Energy One Ltd and JSW Green Energy Seven Ltd to source renewable energy for its smelting operations, comprising of 50 MW AC solar and 100 MW wind power.[17]

Sarala Puraskar

Sarala Puraskar is presented annually in recognition of outstanding contributions to the Odia language and literature. This award has been conferred since 1980 under the aegis of the Indian Metals Public Charitable Trust (IMPaCT), and managed by IMFA.[18]

Ekalabya Puraskar

Ekalabya Puraskar, instituted in 1993 by IMPaCT, and managed by IMFA. This award aims to encourage young sportspersons from Odisha. It is regarded as one of the most prestigious recognitions in the field of sports in the state.[19]

References

  1. ^ “FICCI announces Indian Metals and Ferro Alloys’ MD Subhrakant Panda as President Elect – CNBC TV18”. CNBCTV18. 2 November 2022.
  2. ^ a b “IMFA posts 18.6% profit margin in Q3, plans capacity doubling”. Thehindubusinessline.com. Business Line. 5 February 2026.
  3. ^ “Indian Metals and Ferro Alloys Ltd, IMFA:NSI profile – FT.com”. markets.ft.com. Financial Times.
  4. ^ “Indian Metal and Ferro Alloys: Well placed with integrated operations”. Moneycontrol.
  5. ^ Mazumdar, Rakhi (3 April 2013). “IMFA Group creates distinct business units as part of new organisation structure”. Economic Times. The Economic Times.
  6. ^ “Indian Metals & Ferro Alloys shares climb 120% in 1 year: CFO Prem Khandelwal explains why – Indian Metals & Ferro Alloys shares climb 120% in 1 year: CFO Prem Khandelwal explains why BusinessToday”. BusinessToday.in. Business Today (India). 17 July 2024.
  7. ^ Law, Abhishek (31 May 2022). “Indian Metals and Ferro Alloys expects to maintain margins at 25 per cent in H1FY23”. ThehinduBusinessLine. Business Line.
  8. ^ “Indian Metals & Ferro Alloys Ltd Share Price Today, 878.45, Indian Metals & Ferro Alloys Ltd Stock Price 878.45 on 13th Jan 2025, Indian Metals & Ferro Alloys Ltd Stock Price Live NSE/BSE | Business Standard”. business-standard.com. Business Standard.
  9. ^ “Indian Metals and Ferro Alloys Ltd, IMFA:NSI profile – FT.com”. markets.ft.com. Financial Times.
  10. ^ “Industrialist and founder of IMFA Bansidhar Panda passes away at 87”. The New Indian Express. 22 May 2018.
  11. ^ “Department Of Energy Conservation”. eicelectricityodisha.nic.in.
  12. ^ “IMFA acquires Tata Steel ferro chrome plant”. Constructionweekonline.
  13. ^ “IMFA completes acquisition of Tata Steel’s ferro chrome plant”. The New Indian Express. 28 February 2026.
  14. ^ “IMFA reports robust Q3 FY26 results” (PDF). NSEIndia.
  15. ^ “Indian Metals & Ferro Alloys Ltd Share Price Today, 878.45, Indian Metals & Ferro Alloys Ltd Stock Price 878.45 on 13th Jan 2025, Indian Metals & Ferro Alloys Ltd Stock Price Live NSE/BSE | Business Standard”. www.business-standard.com. Business Standard.
  16. ^ “Indian Metals MD says expansion will be funded via internal accruals – CNBC TV18”. CNBCTV18.com. CNBC TV18. 2 April 2024.
  17. ^ “IMFA partners with JSW Green Energy for renewable power in smelting operations – ET EnergyWorld”. ETEnergyworld.com.
  18. ^ Sahoo, Akshaya Kumar (15 September 2025). “Eminent Poet And Writer Devdas Chhotray To Receive 46th Sarala Puraskar”. www.deccanchronicle.com.
  19. ^ “Ekalabya Puraskar for budding badminton star Swetaparna Panda”. The New Indian Express. The New Indian Express. 12 October 2025.