Ferro chrome makes a quantum jump
Nov 09, 2002
The Times of India

IMFA Group, India's largest producer of ferro alloys, has made a record production of 50,452 mt of ferro chrome in the last seven months ending October, at its Therubali and Choudwar plants. The Group's captive power plant (CPP) maintained 99 per cent plant load factor (PLF) by generating 485 million units, enabling high furnace capacity utilisation.

"We are on the right track to achieve our production target of 90,000 mt ferro chrome during the financial year 2002-03 of which 50,000 mt will be exported," Group's Joint Managing Director Subhrakant Panda told the TNN.

The Group, comprising Indian Metals & Ferro Alloys Ltd. (IMFA) and Indian Charge Chrome Ltd. (ICCL), has 130 MVA installed furnace capacity backed up by a 108 MW captive power plant and its own chrome ore mines. The Group's ferro alloys production, power generation, mining and commercial activities are certified to ISO 9002 standards.

The Group has been at the receiving end for being India's second biggest defaulter to the financial institutions after late Harshad Mehta. Following the grant of mining lease in late 1999, ICCL, however, has since made a quantum jump in operations and recorded a 75 per cent increase in turnover from a meager Rs 93 crore in 99-00 fiscal to Rs 163 crore in 2000-01, with a resultant increase in operational profits. "We have witnessed a dramatic turnaround in operations, thanks to the mining lease granted to us," Panda pointed out.

IMFA Chairman Bansidhar Panda had recently announced at the annual general meeting that repayments had crossed Rs 50 crore in addition to nearly Rs 45 crore paid prior to the grant of mining lease.

ICCL exports charge chrome among others to Japan, South Korea, Taiwan and Europe. The company is now negotiating with its term lenders for restructuring its finances. "I am confident that we will deliver on our commitments and, after a financial restructuring package is put in place, the rebirth of ICCL will be complete," the JMD added.

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