New Delhi

Indian Metals and Ferro Alloys (IMFA) is planning to enter India’s critical minerals sector and is preparing to participate in upcoming government auctions for mineral blocks, the company’s Managing Director Subhrakant Panda has said.

Speaking to ANI, Panda said critical minerals are central to India’s manufacturing ambitions, strategic interests and self-reliance goals under the Atmanirbharta initiative. He noted that the sector aligns closely with IMFA’s existing expertise in mining and processing industrial minerals.

The company is currently reviewing the auction framework and evaluating several critical mineral blocks expected to be offered by the government. Panda said IMFA aims to shortlist select opportunities and move forward with bids in the near future.

Praising government support, Panda highlighted policy initiatives such as funding for advanced exploration and schemes focused on rare earth permanent magnets. He said rare and critical minerals are vital for sectors including defence, space, electronics and consumer goods.

He also welcomed the Centre’s push to encourage private sector participation, including overseas partnerships with countries that have advanced technology and mineral resources, adding that these efforts are expected to yield results soon.

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India’s demand for critical minerals is rising as it seeks to sustain economic growth, support high-tech industries and reduce geopolitical supply risks. The Union Cabinet approved the National Critical Mineral Mission in 2025 with a government allocation of Rs 16,300 crore, while public and private sector investments are estimated at Rs 18,000 crore, taking total planned spending to about Rs 34,300 crore between 2024 and 2031.