It is reported that ferroalloys and ferrochrome producer IMFA Group has firmed up plans to invest INR 170 crore in setting up a 30 MW power plant and a new 30 mega volt amperes furnace at its manufacturing facility located at Choudwar in Orissa. The proposed investments would be made from internal accruals and debt.

Orders have been placed for a new 30 mega volt amperes furnace, the setting up of which will entail an investment of INR 60 crore. Mr Subhrakant Panda MD of IMFA Group said that “The new furnace is scheduled to be commissioned by the fourth quarter of 2008-09.”

He added that a 108 MW captive power plant was already operational in Choudwar. A new power plant of 30 MW capacity was being set up there at an investment of INR 110 crore. It would run on coal and coal washery rejects and waste heat gas that would be recovered. The new power plant, too, would also go on stream by the last quarter of 2008-09.

IMFA already operates 5 furnaces at Choudwar and Therubali, having a combined capacity of 157 mega volt amperes. According to him, while IMFA requires about 100 MW of power to operate both its Choudwar and Therubali plants, a new 30 MW power plant was being set up to facilitate better furnace utilization and meet the requirements of the new furnace.

IMFA produces 170,000 tonnes of ferrochrome and 18,000 tonnes of ferrosilicon a year. IMFA, which clocked a turnover of INR 590 crore in 2006-07, has pegged a turnover of INR 700 crore in 2007-08.