Indian Metals & Ferro Alloys (IMFA), India’s leading ferrochrome producer, has announced a Rs 2,000 crore capital expenditure plan covering greenfield expansion, mining capacity enhancement, and entry into ethanol production.

Funding will be largely from internal accruals with limited term loan debt, while maintaining a debt to equity ratio below the 0.5 per cent “upper cap.” A Rs 900 crore expansion at its Kalinganagar facility, Odisha, will add two furnaces with 1,00,000 tonne combined capacity by 2026, along with a waste heat recovery power plant.

Around Rs 150–200 crore has already been deployed. IMFA will also invest over Rs 1,000 crore in mining to boost output to nine lakh tonnes by 2026, with a Phase-II target of 12 lakh tonne. Current FY26 production targets from Sukinda and Mahagiri mines stand at eight lakh tonne. Diversifying its portfolio, IMFA is investing Rs 160 crore in a 120 KLD ethanol plant at Therubali, Odisha, to be operational by Q1/2026. MD Subhrakant Panda said this valueaccretive move “leverages existing infrastructure” and complements core strengths.