ACME Group is currently setting up India’s largest green hydrogen facility in Odisha | Photo credit: mady70
ACME Group will invest ₹5,000 crore in setting up a 1.2 million tonnes per annum (MTPA) Green Hot Briquetted Iron (HBI) and Green Direct Reduced Iron (DRI) facility. These products will be used in making green steel.
In addition, the clean energy major has issued a binding term sheet for a long-term sale and purchase of 0.8 MTPA of green HBI and DRI on a take-or-pay/supply-or-pay basis for 10 years from a Vietnamese company.
Sources said the group will invest ₹5,000 crore in the facility to enable the transition from gray steel to green steel.
“Our greenfield facility will produce some of the lowest-carbon green HBI and DRI products, underscoring our continued commitment as a leader in clean technology solutions in India,” said ACME Group Chairman Manoj Kumar Upadhyay, while declining to comment on specific investments.
ACME executed binding conditions with Vietnam’s Stavian Industrial Metal for a long-term sale and purchase of green HBI and DRI. The term sheet will be followed by an offtake agreement in which ACME Group will supply from its planned green HBI & DRI factory (phase 1).
The agreement with Stavian Industrial Metal aims to leverage its green hydrogen capabilities for the processing of HBI and DRI used in green steel production.
David Nguyen Minh Tu, Chairman of Stavian Industrial Metal, said: “With a solid foundation, strong financial capacity and an ecosystem of more than 20,000 customers in more than 100 countries, Stavian Industrial Metal is committed to working with global partners to build a more sustainable and greener steel industry for the shared future of Vietnam, India and the world.”
The green hydrogen for this project will be supplied from ACME’s under-construction green hydrogen facility. The Group’s Green HBI/DRI facility will be located at one of the existing sites, where green hydrogen and renewable energy will be available.
“The necessary applications are being submitted by ACME to the respective authorities. Once we obtain the requisite approvals from the regulators and authorities, the construction of the Green HBI/DRI facility will commence,” Upadhyay said.
ACME Group is currently setting up India’s largest green hydrogen facility in Odisha and is already in the advanced stages of building a world-class green hydrogen facility in Oman.
While ACME has secured the long-term sale of 70 percent of its green HBI/DRI capacity from the planned facility with Stavian Industrial Metal, it is in discussions with major steel companies in Europe and other regions to secure the remaining amount within the next four to six months.
Published on October 12, 2025
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