Indian Metals & Ferro Alloys Limited has formally terminated its Power Purchase Agreement (PPA) and Share Subscription and Shareholders Agreement (SSHA) with Ampin Energy Utility One Private Limited, effective 14th May 2026. The termination was executed by mutual agreement between the parties, citing delays in project delivery timelines and project approvals as the primary reasons. The development was disclosed to stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Background of the Agreements

The agreements in question were originally entered into as part of IMFA's initiative to secure hybrid renewable energy supply for its operations. The PPA was dated 27th May 2025, while the SSHA was dated 12th June 2025. An earlier disclosure regarding these agreements had been made on 17th October 2025. The arrangement was structured to supply hybrid renewable power with a contracted demand of 40 MW, comprising a solar capacity of 58 MW AC and a wind capacity of 58 MW.

Key Details of the Termination

The following table summarises the principal terms and disclosures related to the termination, as filed with the stock exchanges:

Investment and Refund Provisions

As part of the SSHA, Indian Metals and Ferro Alloys had subscribed to 1,23,20,000 equity shares of Rs. 10 each in Ampin Energy Utility One Private Limited for an aggregate consideration of Rs. 12.32 Crore, resulting in a 4.36% equity participation in the Power Producer. Under the terms of the termination agreement, this investment amount is to be refunded to IMFA by the Power Producer. The company confirmed that Ampin Energy Utility One Private Limited is not related to the promoter, promoter group, or group companies, and the transaction does not fall within the ambit of related party transactions.

Ongoing Discussions for Renewable Energy Supply

Following the termination, Indian Metals and Ferro Alloys stated that it is in advanced discussions with another hybrid renewable energy developer. The company indicated it expects to sign binding documents in Q1FY27, with further intimation to be provided to the stock exchanges in due course. The disclosure was signed by Smriti Ranjan Ray, Company Secretary & Compliance Officer (Membership No: F4001), on behalf of Indian Metals and Ferro Alloys Limited.

Indian Metals & Ferro Alloys Limited has issued a project status update under Regulation 30, providing stakeholders with comprehensive details on three key ongoing initiatives as of April 15, 2026. The update covers the company's Greenfield Ferro Chrome Project, Strategic Acquisition, and Ethanol Project, each at different stages of completion.

Greenfield Ferro Chrome Project Shows Strong Progress

The company's flagship Greenfield Ferro Chrome Project at Kalinganagar is approaching completion with significant milestones ahead. The project specifications and timeline are outlined below:

The project is progressing according to schedule, with pre-commissioning activities for both furnaces planned in a phased manner over the coming months.

Strategic Acquisition Reaches Full Operational Status

The Strategic Acquisition at Kalinganagar has achieved complete operational status. The company confirmed that the acquisition process has been finalized and all four furnaces are currently operational. This development represents the successful completion of a key strategic initiative that expands the company's production capabilities.

Ethanol Project Faces Commissioning Delays

The Ethanol Project at Therubali has encountered timeline adjustments due to external factors. The project status reflects the following developments:

Despite the delay, the company has assured stakeholders that the revised timeline will not result in any material impact on its financial performance.

Regulatory Compliance and Communication

The project update was communicated to both the National Stock Exchange of India Limited and BSE Limited as part of the company's regulatory obligations under Regulation 30. The communication was signed by Company Secretary & Compliance Officer Smruti Ranjan Ray and Chief Financial Officer Saunak Gupta, ensuring proper corporate governance protocols were followed.

The comprehensive update demonstrates the company's commitment to transparency and provides investors with clear visibility into the progress and expected timelines for each major project initiative.