Indian Metals & Ferro Alloys Ltd (IMFA) has acquired a 26 per cent stake in EG Urja Strot Private Ltd for around Rs 110.18 crore.
The company has also executed a 29-year Power Purchase Agreement (PPA) with EG Urja Strot under the captive consumer structure, the company said in a regulatory filing. Under the pact, the company will receive 65 MW of hybrid renewable power supply for its ferrochrome operations.
The indicative timeline for completion of the project is June 2027.
Bhubaneswar-headquartered Indian Metals & Ferro Alloys Ltd (IMFA) is India’s largest fully integrated producer of value-added ferrochrome.