Twin peaks in ICCL's performance
Record operations will aid recovery
Nov 28, 2000
Internal Press Release

Indian Charge Chrome Limited (ICCL), the Odisha based integrated ferro chrome producer which is a part of IMFA Group, has achieved a unique "double" during the month of October. The company produced 5400 mt ferro chrome during the month while its 108 MW captive thermal power plant recorded the highest ever monthly generation of 73.53 million units. Both events are expected to give a fillip to ICCL's recovery from the doldrums of the recession in the global steel and ancillary industries by notably increasing operational income.

Commenting on the improved performance on both fronts Joint Managing Director, Subhrakant Panda said, "One of the first requirements to bring about an upswing in ICCL's fortunes was to significantly enhance the operational performance. For this we had to ensure the ready availability of the main raw material - chrome ore, improve overall productivity and optimise power generation. Today I can say with confidence that ICCL has fulfilled all three enabling conditions and we shall be reporting better results this year."

This optimism is reflected in ICCL's export performance during the current year. While in FY 1999-00 total ferro chrome exports by the company amounted to 43,083 mt, it has already reached 36,747 mt between April and October of the current fiscal.

Similarly, from April to October this year the captive power plant has already generated a cumulative 468.43 million units as against the earlier record of 613.64 million units over a full year. The average Plant Load Factor (PLF) has also increased every month from 77.51 % in August to 85.58 % in September and 91.51 % in October. What's more, on two separate days during November, the captive power plant has achieved 100% PLF for the first time in its history.

The new records in ICCL's operations have come as a welcome boost on the occasion of IMFA Group's Foundation Day celebrations which took place on November 26. Company insiders say that these achievements have been a significant development in ICCL's turnaround and will improve the equity of the group as a whole, hitherto dampened due to ICCL's financial and operational difficulties.

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Mr Kishore Mohan Mohanty