IMFA Terminates Power Agreement with Ampin Energy Utility Due to Delays
IMFA terminated its PPA and SSHA with Ampin Energy Utility One Private Limited due to project delays. IMFA had invested ₹12.32 Crore for a 4.36% stake, which it expects to be refunded. The company is in talks with another developer for a new hybrid renewable energy project.
The termination of a power purchase agreement and related shareholding may have a medium-term impact on the company's energy sourcing strategy and renewable energy targets. However, the expected refund of investment and ongoing discussions with new partners mitigate a significant negative impact.
The termination of the agreement is a neutral event as it is due to project delays and approvals, and IMFA expects its investment to be refunded. The company is also in discussions with another developer for a new project.
Indian Metals & Ferro Alloys Limited (IMFA) has announced the termination of its Power Purchase Agreement (PPA) and Share Subscription and Shareholders Agreement (SSHA) with Ampin Energy Utility One Private Limited.
The agreements, originally dated May 27, 2025, and June 12, 2025, respectively, were terminated by mutual consent effective May 14, 2026. The termination is attributed to delays in project delivery timelines and obtaining necessary project approvals.
Under the SSHA, IMFA had subscribed to 1,23,20,000 equity shares of ₹10 each in Ampin Energy Utility One Private Limited, representing an aggregate consideration of ₹12.32 Crore and a 4.36% equity stake. The company expects this investment amount to be refunded as per the terms of the termination agreement.
IMFA is currently in advanced discussions with another hybrid renewable energy developer and anticipates signing binding documents in the first quarter of FY27. Further updates will be provided in due course.
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