Indian Metals & Ferro Alloys Limited (IMFA), a leading ferro alloys producer, has made a significant move towards sustainable energy sourcing by signing a new 70 MW renewable energy Power Purchase Agreement (PPA) with JSW Renew Energy Twelve Limited. This development comes after the termination of previous power agreements, marking a strategic shift in IMFA's energy procurement strategy.

New Agreement Details

The fresh PPA and Share Subscription and Shareholders Agreement (SSHA) were executed on September 10, 2025, between IMFA, JSW Neo Energy Limited (as the Promoter), and JSW Renew Energy Twelve Limited (as the Power Producer). Under this arrangement, IMFA will receive 70 MW of renewable power supply, comprising 55 MW AC of solar capacity and 108 MW of wind capacity.

Financial Implications

As part of the agreement, IMFA's investment has increased from the previously planned Rs 83.26 crore to Rs 85.38 crore. This investment will be made in one or more tranches, with IMFA set to acquire a 26% stake in the power producer upon completion of specified milestones related to power generation and supply.

Strategic Benefits

The new agreement is expected to enhance IMFA's commitment to sustainable operations while ensuring a stable power supply for its ferro alloys production. The 25-year validity of the agreement, starting from the Commercial Operation Date, provides long-term energy security for IMFA.

Regulatory Compliance

This move aligns with IMFA's efforts to comply with captive status requirements. The company has disclosed these developments in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Project Timeline

The renewable energy project is anticipated to be completed in two phases, with target dates set for June 2026 and October 2026. This phased approach is likely to ensure a smooth transition to renewable energy sources for IMFA's operations.

Corporate Governance

The SSHA includes provisions that require IMFA's consent for any changes in the capital structure of the power producer or for dealings with affiliates, ensuring IMFA maintains significant oversight in the venture.

This strategic move by Indian Metals & Ferro Alloys Limited underscores the growing trend in the industrial sector towards adopting renewable energy solutions, potentially setting a benchmark for other players in the ferro alloys industry.

Indian Metals & Ferro Alloys Limited (IMFA) has successfully concluded a postal ballot process, resulting in the reappointment of two key executives to their leadership positions. The company announced that shareholders have approved new three-year terms for Mr. Baijayant Panda as Vice Chairman and Mr. Subhrakant Panda as Managing Director, effective October 28, 2024.

Leadership Reappointments

The postal ballot, which included an e-voting process from August 14 to September 12, 2024, saw both resolutions passed as special resolutions with the requisite majority. The reappointments reflect the company's commitment to maintaining stability in its top management.

Compensation Package

Both Mr. Baijayant Panda and Mr. Subhrakant Panda will receive a substantial compensation package, including:

• Monthly salary of Rs. 50.00 lakh each
• Comprehensive benefits such as:
  • Accommodation
  • Company car
  • Club membership fees
• Performance-based commission up to 3% of net profits

Voting Process

The e-voting process was conducted under the scrutiny of CA Sourjya Prakash Mohapatra, who served as the scrutinizer for the postal ballot. IMFA has stated that detailed voting results and the scrutinizer's report will be provided separately, ensuring transparency in the reappointment process.

Company Outlook

The reappointment of both Mr. Baijayant Panda and Mr. Subhrakant Panda for three-year terms signals confidence in the current leadership and suggests a continuation of the company's existing strategies and vision. Shareholders and industry observers will likely be watching closely to see how this leadership stability impacts IMFA's performance and strategic direction in the coming years.

Indian Metals & Ferro Alloys Limited, a key player in the metals and ferro alloys sector, continues to demonstrate its commitment to corporate governance through this transparent voting process and timely disclosure of leadership changes.