Impex Ferro Tech Limited is a West Bengal-based manufacturer specializing in the production of **Ferro Alloys**, which are critical additives used to enhance the properties of iron and steel. The company operates as a **single-segment entity** focused on the **Submerged Arc Furnace (SAF)** route for manufacturing. Currently, the company is undergoing a **Corporate Insolvency Resolution Process (CIRP)** under the Insolvency and Bankruptcy Code (IBC), with its operations suspended and its financial position severely distressed. --- ### **Core Manufacturing Infrastructure & Product Portfolio** The company’s business model is centered on the production of bulk and noble ferroalloys, which serve as deoxidizers and alloy additives to improve corrosion resistance, hardness, and tensile strength in steel. **Manufacturing Complex:** * **Location:** Kalyaneshwari, West Bengal (Kadavita Dendua Road). * **Facilities:** Includes a **30 MW Captive Power Plant (CPP)** designed to mitigate the high power costs associated with ferroalloy production. * **Operational Status:** The plant has been **temporarily shut down since October 2022** following power disconnection by the Damodar Valley Corporation (DVC). **Product Specifications & Resource Intensity:** The company’s portfolio is divided into power-intensive bulk alloys and high-value noble alloys. | Product | Key Raw Materials | Power Consumption (per tonne) | Key Application | | :--- | :--- | :--- | :--- | | **Silicomanganese (SiMn)** | Manganese, Silica | **4,750 - 5,250 kWh** | Deoxidising agent; 60-70% Mn content | | **Ferromanganese (FeMn)** | Manganese Ore | Variable by Grade | Hardening/Desulphurisation (High/Med/Low Carbon) | | **Ferrochrome (FeCr)** | Chrome Ore (**2.5 tonnes**) | **~4,500 kWh** | Essential for Stainless Steel (17-23% Chrome) | | **Ferrosilicon (FeSi)** | Quartzite, Iron Ore, Coke | **9,000 - 10,000 kWh** | Electrical steel (transformers); Military use | **Noble Ferroalloys:** Produced via the **alumino-thermic process**, these include Ferrovanadium and Ferromolybdenum, used in high-temperature environments (**260°C to 1,200°C**) such as turbine engines and pollution control equipment. --- ### **Strategic Supply Chain & Related Party Framework** To manage the volatility of raw material costs, the company historically utilized a strategic partnership with **Ankit Metal & Power Limited (AMPL)**, a group company. * **Procurement Synergy:** By leveraging AMPL’s larger procurement volumes, the company aimed to secure better pricing for **Manganese Ore, Dolomite, and Pearl Coke**. * **Transaction Volume:** Proposed aggregate transactions with AMPL were estimated at **₹200 Crores** for **FY 2023-24**. * **Forward Integration:** The strategy involved using AMPL’s network for the sale of finished **Silicon Manganese** to ensure consistent off-take. --- ### **Financial Performance & Insolvency Status** The company’s financial health has deteriorated significantly, leading to the initiation of **CIRP on May 2, 2024**, following a petition by an operational creditor for a **₹2.75 crore** claim. **Key Financial Metrics:** | Metric (₹ in Lacs) | FY 2024-25 (Current) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Net Sales/Revenue** | **20.79** | **2,750.21** | **14,338.17** | | **Net Loss** | **(706.59)** | **(2,982.85)** | **(3,359.78)** | | **Accumulated Losses** | **(46,255.00)** | -- | -- | **Debt and Interest Obligations:** * **Admitted Claims:** Lenders (originally UBI, BOB, and SBI) have admitted claims of **₹910.69 crore**, now assigned to **Rare Asset Reconstruction Ltd**. * **Unprovided Interest:** The company has not recognized cumulative interest expenses of **₹630.20 crore** as of December 2025. If recognized, **Other Equity** would drop to **₹(1,033.34) crore**. * **Asset Impairment:** Work-in-Progress (WIP) worth **₹1.22 crore** was written down in 2023 due to the prolonged plant closure. * **Receivables:** A **100% provision (₹7.07 crore)** has been made for receivables outstanding for over one year. --- ### **Critical Risks & Regulatory Challenges** The company faces a "Going Concern" uncertainty, with its future entirely dependent on the NCLT-led resolution process. * **Management Instability:** The Board is suspended. Key Managerial Personnel (CFO and Company Secretary) resigned in **April 2024**. The Resolution Professional (RP) has reported non-cooperation from the "unapproachable" Managing Director. * **Legal Attachments:** The **Directorate of Enforcement (ED)** has attached factory land and machinery valued at **₹6.60 crore** under the **PMLA** regarding alleged fraudulent transactions. * **Utility Disputes:** A dispute regarding **₹9.69 crore** in electricity arrears with DVC is currently stayed by an interim order from **APTEL**. * **Compliance Failures:** The company is in "continuous non-compliance" with **SEBI LODR** regulations and has been moved to the **'Z'/'ZP' group** by stock exchanges. Insurance coverage for all fixed assets expired on **June 13, 2023**. * **Resolution Progress:** As of early 2026, a resolution plan has been submitted, and an **H1 bidder** has been identified. --- ### **Sustainability & Circular Economy Initiatives** Despite operational halts, the company’s technical framework includes waste management protocols for its **35 TPD and 50 TPD** plants: * **Waste Generation:** Produces **Silica fines (7-8 tonnes/day)** and **Fe-Cr slag (40 tonnes/day)**. * **By-product Utilization:** These materials are diverted to small-scale units to manufacture **2,400 bricks per day**, reducing the consumption of natural clay and sand. --- ### **Industry Outlook & Future Viability** The ferroalloy industry is highly sensitive to the **Iron & Steel sector**, where these alloys can represent up to **30%** of input costs for stainless steel. * **Market Position:** Indian ferroalloys are highly regarded in **European markets** for their quality. * **Success Factors:** Future viability for the company (post-resolution) depends on achieving **economies of scale**, securing **raw material linkages**, and successfully restarting the **30 MW Captive Power Plant** to manage the extreme power intensity of the production process. * **Consolidation:** The industry is trending toward consolidation to eliminate production inefficiencies and maintain market discipline.