Indian Metals & Ferro Alloys Limited (IMFA) has formally disclosed that it entered into a Power Purchase Agreement (PPA) on May 25, 2026, with EG URJA STROT PRIVATE LIMITED. Under this agreement, which spans a period of 29 years, IMFA will receive a supply of hybrid renewable power with a contracted demand of 65 MW, comprising 81.4 MW of solar capacity, 102.6 MW of wind capacity, and 25 MWh of Battery Energy Storage System (BESS) capacity. The arrangement is structured as a captive consumer model in compliance with the Electricity Act, 2003, and Electricity Rules, 2005. Additionally, IMFA will acquire a 26% equity stake in EG URJA STROT PRIVATE LIMITED for a total cost of ₹110.18 Crore.

The acquisition of this equity stake is a strategic move to ensure a stable supply of renewable energy for IMFA’s operations. The transaction, which is to be settled via cash consideration in one or more tranches, is expected to be completed by June 2027. The company has clarified that this acquisition does not fall under the purview of Related Party Transactions, and neither the promoters nor group companies hold any interest in EG URJA STROT PRIVATE LIMITED.

IMFA, headquartered in Bhubaneswar, Odisha, is a leading, fully integrated producer of ferrochrome, a material primarily used in the production of stainless steel. Established in 1961, the company maintains extensive manufacturing facilities in Odisha, supported by captive power and mining operations. Throughout 2025, IMFA pursued several growth initiatives, including the completion of a strategic acquisition of a ferrochrome plant in Kalinganagar and the diversification into ethanol production at its Therubali unit. The company also finalized the merger of its wholly-owned subsidiary, Utkal Coal Limited, in March 2025.

For the third quarter of the 2025-2026 financial year, IMFA reported a consolidated revenue of ₹724.57 Crore. The company’s net profit for the same period stood at ₹131.29 Crore, reflecting a net profit margin of 18.12%. Recent shareholding data indicates that while retail investors hold a significant portion of the company, institutional presence includes entities such as Litec AG, which held a 12.77% stake as of September 2025, alongside various mutual fund schemes.