ACME Group has announced plans to invest around ₹5,000 crore to set up a 1.2 million tonnes per annum (MTPA) Green Hot Briquetted Iron and Green Direct Reduced Iron (HBI/DRI) facility in its first phase. 
The project aims to produce low-carbon green steel, marking a significant step in the company&rsquo;s clean technology and sustainable manufacturing initiatives, according to sources familiar with the development.
&ldquo;Our greenfield facility will produce some of the lowest carbon-emission green HBI and DRI products, reinforcing our leadership in clean technology solutions in India,&rdquo; said Manoj Kumar Upadhyay, Chairman of ACME Group.
Upadhyay added that the company has signed a binding term sheet with Stavian Industrial Metal, a Vietnamese firm specializing in industrial metal processing and trading, for the long-term sale and purchase of 0.8 MTPA of green HBI and DRI.&nbsp;
The agreement, structured on a &ldquo;take-or-pay&rdquo; or &ldquo;supply-or-pay&rdquo; model, will span 10 years.
&ldquo;This partnership represents a key milestone in integrating green steel into ACME&rsquo;s portfolio and supports our strategic business expansion,&rdquo; Upadhyay said. 
The binding term sheet will soon be followed by a formal offtake agreement, with ACME supplying from its planned facility.
The collaboration will leverage ACME Group&rsquo;s expertise in green hydrogen to process HBI and DRI, essential raw materials for producing green steel.&nbsp;
The green hydrogen for this project will come from ACME&rsquo;s under-construction facility, located at one of its existing sites equipped with renewable power infrastructure.
&ldquo;Applications for regulatory approvals are being filed. Once the necessary clearances are obtained, construction of the Green HBI/DRI facility will begin,&rdquo; Upadhyay added.
ACME is already developing a Green Hydrogen plant in Odisha and is in the advanced stages of constructing a similar facility in Oman.
David Nguyen Minh Tu, Chairman of Stavian Industrial Metal, emphasized that the collaboration reflects a joint commitment to sustainability and global climate goals. 
&ldquo;This partnership is not merely a business agreement but a testament to our shared responsibility in achieving Net Zero targets &mdash; by 2050 for Vietnam and 2070 for India,&rdquo; he said.
He added, &ldquo;With strong financial capacity and a customer network spanning over 100 countries, Stavian Industrial Metal is committed to collaborating with global partners to build a more sustainable and greener steel industry.&rdquo;
The global green steel market is undergoing rapid transformation driven by stricter climate policies, decarbonization mandates, and growing demand from sectors like automotive, construction, and consumer goods.&nbsp;
Major economies such as the U.S., Europe, and China are making heavy investments in hydrogen-based steelmaking technologies, aiming to modernize production and drastically reduce emissions.
ACME&rsquo;s green steel project positions India as an emerging player in this transition, aligning with the nation&rsquo;s long-term sustainability and Net Zero ambitions.

ACME executives announce ₹5,000 crore green steel plan

ACME Group to set up 1.2 MTPA green HBI/DRI plant, advancing India’s clean steel ambitions

ACME To Invest ₹5,000 Crore In Green Steel

ACME Group to set up 1.2 MTPA green HBI/DRI plant, advancing India’s clean steel ambitions

October 12, 2025 | 22:28 IST