Tata Steel: Odisha-based Indian Metals and Ferro Alloys Ltd (IMFA) has announced the completion of its strategic acquisition of Tata Steel Limited's ferro-chrome plant at Kalinganagar in Jajpur district.

According to a company statement, the transaction is valued at Rs 707.26 crore, comprising a base consideration of Rs 610 crore along with GST and net working capital.

The acquisition has been funded entirely through internal accruals.

Established in 1961, IMFA is a fully integrated producer of value-added ferro-chrome.

Spread across 115 acres in Kalinganagar, the newly acquired facility consists of four furnaces with a production capacity of one lakh tonnes per annum (tpa).

The capacity will increase to 1.5 lakh tpa once the partially built fifth furnace is commissioned in about a year, the statement said.

IMFA managing director Subhrakant Panda said: "It is a transformative deal which marks a key milestone in the company's growth journey. We are committed to creating value for all stakeholders by working towards a smooth and seamless integration which delivers significant operational synergies".

He said that together with the company's greenfield expansion, the acquisition positions IMFA as India's largest producer of ferro-chrome and among the foremost globally.

"We will continue to shape the future of ferro chrome -- responsibly, sustainably and ambitiously," Panda added.