IMFA

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]

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, consisting of 50 MW AC solar and 100 MW wind power.^[17]