Indian Metals and Ferro Alloys Limited (IMFA), a leading ferro chrome producer in India, has inked an agreement to purchase Tata Steel's ferro chrome plant in Kalinganagar, Odisha, for Rs 610 crore.

The acquisition adds 99 MVA furnace capacity, increasing IMFA's total installed capacity to over 0.5 million tons per year. This deal makes IMFA India’s largest and the world’s sixth-largest ferro chrome producer.

The Kalinganagar facility, which currently produces 100,000 tons per year, is located near IMFA's chrome ore mines. This is expected to generate operational synergies and reduce costs.

IMFA's Managing Director called the deal "transformational," saying it will fast-track the company's expansion amid rising domestic demand.

The transaction is expected to close within three months, pending regulatory approvals.