IMFA completes ferro chrome plant acquisition from Tata Steel at Rs 707 cr transaction

New Delhi, Feb 27 (PTI) Indian Metals & Ferro Alloys has completed the acquisition of a ferrochrome plant in Odisha from Tata Steel at a transaction cost of Rs 707.26 crore.

Spread 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 thepartially built fifth furnace is commissioned in approximately one year, IMFA said in a statement.

"The transaction is valued at Rs 707.26 crore comprising base consideration of Rs 610 crore along with GST and net working capital, and has been funded entirely from internal accruals," the company said.

Bhubaneswar-headquartered Indian Metals & Ferro Alloys Ltd (IMFA) is India'slargest fully integrated producer of value-added ferro chrome. PTI ABI ABI MR