Indian Metals & Ferro Alloys Ltd (IMFA) is undertaking a major transformation to become the country's largest ferro chrome producer, targeting 400,000 tonnes output in FY27 and over 500,000 tonnes in FY28. According to Managing Director Subhrakant Panda, the company acquired Tata Steel's ferro chrome business at Kalinganagar for ₹707 crore in February 2026 through internal accruals, adding 100,000 tonnes capacity. The facility, which is already operational, will be complemented by the company's ongoing greenfield expansion at the same location, adding another 100,000 tonnes capacity with the first furnace expected to be commissioned by June-end or early July. As Panda told Business Standard, "From the current 260,000 tonnes of ferrochrome output, we will go up to more than 500,000 tonnes."
IMFA is undertaking a significant transition towards renewable energy sourcing as part of its strategic shift for the power-intensive ferro chrome business. The company currently has 205 MW of captive power generation capacity, of which nearly 200 MW is coal-based. IMFA has signed a 70 MW renewable energy agreement with JSW Energy under a dedicated captive model, with commissioning expected within the next two months, and is negotiating another 60-70 MW renewable energy arrangement. According to Panda, by next year, about 40 per cent of energy consumption will come from renewable sources, focusing on hybrid solar and wind power to ensure uninterrupted furnace operations. As Panda described, "By next year, about 40 per cent of our energy consumption will come from renewable sources, which is quite considerable."
To support the expansion, IMFA is sharply increasing chrome ore production from its captive mines, with chrome ore production rising from 600,000 tonnes to 800,000 tonnes, and targeting 1 million tonnes in FY27. As Panda told Business Standard, "From 600,000 tonnes, we have gradually taken it up to 800,000 tonnes. And this year, FY27, we will touch 1 million tonne." The company is also diversifying into ethanol through a 120 KLD grain-based plant at Therubali in Odisha, where chrome operations are gradually being de-emphasised due to logistical disadvantages associated with transporting ore from Jajpur district.
IMFA expects a structural shift in its sales mix as domestic stainless steel demand rises, with current exports accounting for over 90 per cent of ferro chrome production largely to Far East markets. According to Panda, once expanded capacity stabilises, exports are expected to account for around 60 per cent of production, with exports expected to account for 300,000 tonnes out of 500,000 tonnes capacity. As Panda explained, "Of 260,000 tonnes, 220,000-230,000 tonnes are exported. Of 500,000 tonnes, close to 300,000 tonnes will still be exported." The company is also diversifying into critical minerals, evaluating opportunities across mining and downstream processing while remaining open to assets in other regions depending on exploration quality and commercial viability.
