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ACME Group is planning to invest Rs 5,000 crore to set up a direct reduced iron (DRI) facility, according to industry sources.
A capacity of 1.2 million tonnes per annum (MTPA) will be set up in the first phase to produce green HBI/GRI (Green Hot Briquetted Iron and Green Direct Reduced Iron for use in making green steel), sources close to the development said.
"Our greenfield facility will produce some of the lowest carbon emission green HBI and DRI products, underscoring our unwavering commitment as a leader of clean technology solutions in India," ACME Group Chairman Manoj Kumar Upadhyay said without divulging information related to the investment being planned for the project.
On the location of the proposed facility, he said the project is being considered in India or Oman, near one of the group's existing sites.
ACME Group is currently in the process of setting up a green hydrogen facility in Odisha and is already in advanced stages of constructing another green hydrogen facility in Oman.
The Gurugram-based group's portfolio spans solar, wind, hybrid, and dispatchable renewable energy projects and utility-scale solutions.
ACME's operational solar capacity stands at 2,700 MW.
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