New Delhi, February 27 Indian Metals & Ferro Alloys has completed the acquisition of a ferrochrome plant in Odisha from Tata Steel for a transaction cost of ₹707.26 crore.
Located 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, IMFA said in a statement.
"The transaction is valued at ₹707.26 crore, comprising a base consideration of ₹610 crore along with GST and net working capital, and has been entirely funded from internal accruals," the company said.
Bhubaneswar-headquartered Indian Metals & Ferro Alloys Ltd (IMFA) is India's largest fully integrated producer of value-added ferro chrome.
