Indian Metals & Ferro Alloys has formalised its 76:24 joint venture with Posco - Korean steel group, operationally as well as for accounting purpose. Posco acquired the minority stake in the joint venture meant for manufacturing ferro alloy chrome by paying Rs 27 crore. The manufacturing asset for the project was curved out of the company’s existing Odisha units.
It 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 Choudwar 2 districts of Orissa. The company’s operations are supported by a 108 MW captive thermal power plant (at Choudwar) and captive chromite mines.
