Indian Metals and Ferro Alloys (IMFA) is preparing to enter the critical minerals sector by participating in upcoming government auctions. MD Subhrakant Panda stated this move is a natural extension of their expertise and supports national self-reliance.
Indian Metals and Ferro Alloys (IMFA) is gearing up to enter the critical minerals sector by participating in upcoming auction processes for mineral blocks in the country, the company's Managing Director, Subhrakant Panda, has said. "Critical minerals are a key focus area for the nation. They are very significant from our manufacturing ambitions and our focus on self-reliance and Atmanirbharta," Panda told ANI in an interview.
The company views critical minerals as a natural extension of its existing expertise. "In terms of skill sets, it is quite adjacent to what we do, which involves mining as well as processing of industrial minerals," Panda explained.
IMFA is closely monitoring the auction process for various critical mineral blocks being offered by the government. "We are evaluating those closely. We will be identifying a few and participating in the auction process to make our entry into critical minerals," the MD said, adding that while the plans are still at the planning stage, the company hopes to proceed in this regard soon.
Government Policy Encourages Development
Commending the central government's initiatives, Panda highlighted the policy framework that has been put in place to encourage critical minerals development. "The central government has put in place some good policies to encourage critical minerals. They are very important both from a strategic perspective as well as self-reliance," he said.
He pointed to various government measures including making funds available for enhanced exploration and schemes for rare earth permanent magnets, as examples of focused attention in this area.
"Rare and critical minerals have wide-ranging applications from sensitive areas like defense and space to white goods. Many of these are very strategic to the country's progress," Panda noted.
IMFA MD also appreciated the government's approach of encouraging private sector participation through tie-ups with countries that have technology and resources. "Besides looking at opportunities within India, the government is also encouraging the private sector to participate in tie-ups with other countries which have technology and resources. All of this will soon start yielding results," he said.
India's Push for Mineral Self-Reliance
India requires a steady supply of essential minerals to support its technological ambitions, sustain economic growth momentum, and reduce exposure to geopolitical risks.
The Union Cabinet approved the National Critical Mineral Mission in 2025 with an expenditure of Rs. 16,300 crore. State enterprises and private companies are expected to invest Rs. 18,000 crore, bringing the total planned investment to approximately Rs. 34,300 crore between 2024 and 2031. (ANI)
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