Indian Metals and Ferro Alloys

Indian Metals and Ferro Alloys Limited, commonly known as IMFA, is an Indian metals company headquartered in Bhubaneswar, Odisha. Its principal business is the production of ferrochrome, an alloy used mainly in stainless-steel manufacturing, together with other ferroalloys including ferrosilicon and ferromanganese. The company combines mining, smelting and power generation within an integrated operating model, giving it control over important parts of the raw-material and energy chain. IMFA was established in 1961 by Bansidhar Panda and Ila Panda. Bansidhar Panda had pursued advanced studies at Michigan Technological University and Harvard University before returning to Odisha to establish a ferroalloy operation. Ila Panda, an alumna of Visva-Bharati University, supported the enterprise and was also associated with the promotion of art and literature. The company began manufacturing ferrosilicon in Odisha in 1967 and later became the first company in the Indian subcontinent to manufacture silicon metal using proprietary technology. The company subsequently developed a broader ferroalloy platform centered on chrome-ore mining and ferrochrome smelting. Its captive chrome-ore mines at Sukinda and Mahagiri support manufacturing complexes at Therubali, Choudwar and Kalinganagar in Odisha. Captive power assets include coal-based generation and solar generation, reflecting the energy-intensive nature of electric-arc-furnace smelting. IMFA has also pursued renewable-energy sourcing through agreements involving solar and wind power. Ferrochrome is the company’s core value-added product and is sold both in India and to overseas customers. The company’s export markets identified in reference material include South Korea, China, Japan and Taiwan. Its listed shares trade on both the National Stock Exchange of India and the Bombay Stock Exchange under the symbol IMFA. IMFA has expanded its production footprint through acquisitions and planned diversification. In February 2026, it completed the acquisition of Tata Steel Limited’s ferrochrome plant at Kalinganagar, Odisha. The plant occupies approximately 115 acres, contains four furnaces and has stated annual production capacity of 100,000 tonnes. The transaction was reported at a total value of ₹707 crore, including a base consideration of ₹610 crore, applicable GST and net working capital, and was funded through internal accruals. Reference material also reports installed furnace capacity of 289 MVA and potential annual production of 434,000 tonnes as of 2 March 2026, making IMFA the largest value-added ferrochrome producer in India by that description. Beyond ferroalloys, IMFA is developing a 120-kilolitre-per-day grain-based ethanol plant at Therubali. This project represents a diversification of the company’s industrial activities while remaining connected to its broader manufacturing and energy strategy. Through the Indian Metals Public Charitable Trust, known as IMPaCT, the company is associated with cultural and sporting initiatives in Odisha. Sarala Puraskar, presented since 1980, recognizes contributions to Odia-language literature. Ekalabya Puraskar, instituted in 1993, recognizes promising sportspersons from Odisha. These activities extend the IMFA brand beyond industrial production into regional cultural and community institutions.

Indian Metals and Ferro Alloys was established in Odisha in 1961 by Bansidhar Panda and Ila Panda. Bansidhar Panda returned to the region after completing advanced academic work at Michigan Technological University and Harvard University, while Ila Panda supported the business and maintained interests in art and literature. Their initial industrial objective was to build a ferroalloy enterprise based in Odisha, a state with important mineral resources and a developing industrial base. The company commenced production of ferrosilicon in 1967. Ferrosilicon is used in steelmaking and foundry applications, and its production established IMFA within the broader Indian alloy and metals industry. The company later became the first firm in the Indian subcontinent to produce silicon metal using proprietary technology. This development broadened its technical capabilities beyond conventional ferroalloy production. Over time, IMFA concentrated increasingly on chrome-related operations and ferrochrome. Ferrochrome is a key input for stainless-steel production because it supplies chromium, the element that contributes corrosion resistance and other performance characteristics. IMFA’s development of captive chrome-ore mining at Sukinda and Mahagiri enabled closer integration between mineral extraction and furnace operations. Manufacturing facilities were established or operated at Therubali, Choudwar and Kalinganagar in Odisha. The company’s integrated model also includes captive electricity generation. Its power portfolio has included approximately 200 MW of coal-based capacity and 4.55 MW of solar capacity, supporting the electricity-intensive smelting process. More recently, IMFA has sought additional renewable electricity through arrangements involving solar and wind generation. In December 2024, it partnered with JSW Green Energy One and JSW Green Energy Seven for renewable supply comprising 50 MW of alternating-current solar power and 100 MW of wind power. Reference material also reports a 29-year captive power-purchase agreement signed in May 2026 for 65 MW of hybrid renewable power, bringing the company’s stated contracted renewable portfolio to 135 MW. IMFA’s export business has made it an international supplier even though its assets and corporate headquarters are based in India. Its ferrochrome has been exported to markets including South Korea, China, Japan and Taiwan. The company is listed on both the National Stock Exchange of India and the Bombay Stock Exchange under the ticker IMFA. A significant recent expansion occurred in February 2026, when IMFA completed the strategic acquisition of Tata Steel Limited’s ferrochrome plant at Kalinganagar. The reported transaction value was ₹707 crore, consisting of a base consideration of ₹610 crore together with GST and net working capital. The acquisition was funded through internal accruals. The facility occupies about 115 acres, has four furnaces and is described as having annual production capacity of 100,000 tonnes. Reference material dated 2 March 2026 described IMFA’s installed furnace capacity as 289 MVA and its annual production capability as 434,000 tonnes, positioning it as India’s largest value-added ferrochrome producer by that measure. The company is also diversifying into grain-based ethanol, with a 120-kilolitre-per-day plant under development at Therubali. IMFA’s institutional presence in Odisha includes cultural and sporting philanthropy administered through the Indian Metals Public Charitable Trust, or IMPaCT. Sarala Puraskar has been awarded annually since 1980 for contributions to Odia-language literature. Ekalabya Puraskar, established in 1993, recognizes young sportspersons from Odisha. These initiatives form a notable part of the company’s public identity in its home state.

• 2026

  Kalinganagar ferrochrome plant acquired

  [1]IMFAen.wikipedia.org

  IMFA completed the reported acquisition of Tata Steel’s Kalinganagar ferrochrome plant in February 2026.

• 2024

  Renewable-energy partnership announced

  [1]IMFAen.wikipedia.org

  IMFA partnered with two JSW Green Energy entities to source solar and wind power for smelting operations.

• 1993

  Ekalabya Puraskar instituted

  [1]IMFAen.wikipedia.org

  IMPaCT instituted Ekalabya Puraskar to encourage young sportspersons from Odisha.

• 1980

  Sarala Puraskar begins

  [1]IMFAen.wikipedia.org

  The Sarala Puraskar literature award began under the aegis of the Indian Metals Public Charitable Trust.

• 1967

  Ferrosilicon production begins

  [1]IMFAen.wikipedia.org

  IMFA began manufacturing ferrosilicon in Odisha.

• 1961

  Company established

  [1]IMFAen.wikipedia.org

  Bansidhar Panda and Ila Panda established Indian Metals and Ferro Alloys in Odisha.

• First Indian-subcontinent silicon-metal production

  [1]IMFAen.wikipedia.org

  The company later became the first firm in the Indian subcontinent to manufacture silicon metal using proprietary technology.

A vertically integrated, export-oriented Indian ferroalloy producer emphasizing captive chrome-ore resources, in-house power generation, manufacturing scale and value-added ferrochrome.

• Ferroalloy

  Ferrochrome

  IMFA’s principal product is ferrochrome, an alloy made with chromium and iron and used primarily in stainless-steel production. The company describes its operations as fully integrated, linking captive chrome-ore mines with smelting facilities. Ferrochrome is sold in India and exported to Asian markets including South Korea, China, Japan and Taiwan. Its value-added character and production scale are central to IMFA’s market positioning.

• Ferroalloy · 1967

  Ferrosilicon

  Ferrosilicon was IMFA’s initial reported manufactured product, with production beginning in Odisha in 1967. It is used in steelmaking and foundry applications, particularly as a source of silicon and as a deoxidizing or alloying material. The product established the company’s early manufacturing base before its later emphasis on chrome-related ferroalloys.

• Industrial metal

  Silicon metal

  IMFA later became the first company in the Indian subcontinent to manufacture silicon metal using proprietary technology. The reference material does not specify the current scale or commercial status of this line, but identifies the development as an important technical milestone in the company’s history.

• Ferroalloy

  Ferromanganese

  Ferromanganese is identified among IMFA’s typical ferroalloy products. It is used in steelmaking as a manganese-bearing alloy. The available reference material does not provide a detailed product range, grade structure or production chronology for this line.

• Biofuel

  Grain-based ethanol

  IMFA is developing a grain-based ethanol facility at Therubali with stated capacity of 120 kilolitres per day. The project represents diversification beyond metals and ferroalloys and is described as being under development in the available reference material.

• 1993Ekalabya Puraskar

  Odisha · India

  IMPaCT instituted Ekalabya Puraskar to encourage young sportspersons from Odisha. IMFA manages the award as part of its regional community and cultural activities.

  Outcome. The award is described as one of Odisha’s prominent recognitions for sporting achievement.

  Source
• 1980Sarala Puraskar

  Odisha · India

  Through IMPaCT, IMFA is associated with the annual Sarala Puraskar, which recognizes outstanding contributions to Odia-language literature.

  Outcome. The award has been presented annually since 1980 and has become a recognized literary institution in Odisha.

  Source

• 2026

  Acquisition of Tata Steel’s Kalinganagar ferrochrome plantM&A

  Background

  IMFA pursued additional ferrochrome capacity and a larger manufacturing footprint in Odisha.

  Action taken

  The company completed the strategic acquisition of Tata Steel Limited’s Kalinganagar ferrochrome plant. The facility has four furnaces and stated annual capacity of 100,000 tonnes.

  Aftermath

  The reported acquisition increased IMFA’s operating scale. The transaction was valued at ₹707 crore including a ₹610 crore base consideration, GST and net working capital, and was funded through internal accruals.

  Reported acquisition value. ₹707 crore (February 2026)

  Source

• 2026

  Long-term hybrid renewable-power agreementStrategy

  Background

  IMFA continued to diversify the electricity supply supporting its ferrochrome production.

  Action taken

  The company reportedly signed a 29-year captive power-purchase agreement for 65 MW of hybrid renewable power.

  Aftermath

  The agreement reportedly increased IMFA’s total contracted renewable-energy portfolio to 135 MW.

  Source

• 2026

  Development of grain-based ethanol plantStrategy

  Background

  IMFA sought to diversify its industrial activities beyond ferroalloy production.

  Action taken

  The company began setting up a 120-kilolitre-per-day grain-based ethanol plant at Therubali, Odisha.

  Aftermath

  The project was reported as under development; no operating results were provided in the reference material.

  Source

• 2024

  Renewable electricity sourcing partnershipStrategy

  Background

  Ferrochrome smelting requires substantial electricity, while IMFA’s operating model already includes captive power generation.

  Action taken

  IMFA partnered with JSW Green Energy One and JSW Green Energy Seven to source 50 MW of solar power and 100 MW of wind power.

  Aftermath

  The agreement expanded IMFA’s access to renewable electricity for its smelting operations.

  Source

1. 1IMFAen.wikipedia.org
2. 2Indian Metals and Ferro Alloys official websiteimfa.in