Indian Metals & Ferro Alloys (IMFA) has sold its 30 MVA furnace and other related assets, including the plant and machinery related to briquetting plant and the gas cleaning plant (transferred assets) on February 01, 2013 to IMFA Alloys Finlease (IAFL), a wholly owned subsidiary of IMFA. Further, on February 02, 2013, IAFL leased the transferred assets to IMFA for the entire economic life of the transferred assets pursuant to a finance lease.
On February 04, 2013, in pursuance to a joint venture and shareholders agreement dated January 18, 2011 between IMFA and POSCO, IAFL issued and allotted equity shares to POSCO resulting in POSCO owning 24% of the issued and paid-up share capital and IMFA owning the remaining 76% of the issued and paid-up share capital of IAFL.
Indian Metals & Ferro Alloys is primarily involved in the production of ferro alloys including charge-chrome (high-carbon ferro-chrome), and has an installed furnace capacity of 157 MVA in its two units in Therubali and Choudwar2 districts of Orissa. The company’s operations are supported by a 108 MW captive thermal power plant (at Choudwar) and captive chromite mines.
