Odisha-based Indian Metals & Ferro Alloys (IMFA), a ferrochrome producer, entered into a joint venture (JV) with JSW Green Energy for sourcing renewable energy and utilising in its smelting operations.

IMFA has signed a binding term-sheet with JSW Green Energy One and JSW Green Energy Seven , and will invest Rs 83.26 crore in a hybrid project that combines 50 megawatt (MW) AC solar and 100 MW of wind for a total contracted capacity of 70 MW. The company will subsequently sign a power purchase agreement (PPA) as a captive consumer, which will be valid for 25 years.

IMFA Vice-President Binoy Agarwalla said, "By combining solar and wind power, we are taking a proactive step towards a green future and aligning with the global trend of sustainability."

The company also mentioned that it is setting up a one lakh tpa greenfield facility at Kalinganagar in Odisha, to augment its ferrochrome production.