The Business Bytes
TBB BUREAU
BHUBANESWAR, NOV 26, 2021
Indian Metals & Ferro Alloys Ltd (IMFA), India’s leading fully integrated producer of ferro alloys on Friday celebrated its 60th Foundation Day which also coincides with the 90th birth anniversary of its Founder Dr Bansidhar Panda.
Commemorative events were held at the Corporate Office in Bhubaneswar besides Therubali, Choudwar and Sukinda. The special anniversary logo released on this occasion depicts the transformative journey of six decades and references infinity to signify many more milestones to come.
Bansidhar Panda, a research scientist, and Ila Panda established IMFA in 1961 to initially produce silicon alloys and later diversified to chrome alloys. Starting with one furnace in a remote corner of Odisha, today IMFA is recognised globally as a quality conscious producer and reliable partner.
The Company has declared exceptional results in the first half of FY22 and, at a meeting held today, the Board approved a 1:1 bonus issue to reward its shareholders on this special occasion. The Board also reviewed the plan to expand ferro chrome capacity by 100,000 tonnes per annum. The project, which has already received approval from the State Government, will come up in Kalinga Nagar, Jajpur District at a cost of Rs 550 crore and provide direct employment to 400 people, IMFA said in a statement.
Commenting on the occasion, IMFA Managing Director Subhrakant Panda said: “Today is a momentous occasion and I would like to first pay tribute to our Founders Dr Bansidhar Panda and Mrs Ila Panda… I also express my gratitude to all stakeholders for their support, especially the Odisha Government for backing our expansion plan. India’s economic growth on the back of the Central Government’s progressive policies will create sustainable demand for ferro chrome; we remain committed to adding value, rewarding shareholders and giving back to society.”
