Indian Metals & Ferro Alloys Ltd (IMFA) will be investing another Rs 900 crore in the next 5 to 6 years to boost production from its Mahagiri and Sukinda mines in Odisha. “For our mining Capex, we plan to do underground in coming years. We will try to reach 850,000 tonnes in FY26, then to 950,000 tonnes and finally 1.2 million tonnes by FY27,” Prem Khandelwal, the chief financial officer of IMFA, told. Currently, the company’s total mine stock stands at 650,000 tonnes. But, the firm has had no capital expenditure for the current fiscal, and it plans to set up a 100,000 tonnes plant at Kaliganagar.

“Our Kalinganagar expansion, we plan to spend mostly through internal accruals as we will be debt-free by March FY22. We also have cash of about Rs 230 crore as of today,” Khandelwal said. The Union mines ministry recently squeezed mining laws permitting captive ore produce to sell in the open market. IMFA essentially provides to the South East Asia market with 90 per cent of its production getting exported and balanced for the domestic market.