ACME Group plans to invest ₹5,000 crore to produce green steel
ACME Group is planning to invest about ₹5,000 crore to establish a 1.2 million tonnes per annum (MTPA) Green Hot Briquetted Iron and Green Direct Reduced Iron (HBI/GRI) facility (phase 1) for the production of green steel, according to people familiar with the development.
“Our greenfield facility will produce some of the lowest carbon emission green HBI and DRI products, underscoring our commitment as a leader of clean technology solutions in India,”.
Manoj Kumar Upadhyay, chairman, ACME Group, said on Sunday (October 12, 205) the company said it has executed a binding term sheet with Stavian Industrial Metal 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 a tenure of 10 years.
Stavian Industrial Metal is a Vietnamese corporation specializing in the processing, investment and trading of industrial metal materials, with a vision for sustainable development and innovation in the global metals market.
“This collaboration marks a significant milestone in ACME’s integration of green steel into our portfolio as part of our strategic business expansion,” Mr. Upadhyay said.
The term-sheet will be followed by an offtake agreement wherein ACME Group will make the supply from its planned facility.
ACME Group’s agreement with Stavian Industrial Metal aims to leverage its capabilities in green hydrogen to process HBI and DRI used in the manufacturing of green steel.
Originally published on thehindu
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