ACME Group plans to invest Rs 50 billion to establish a direct reduced iron (DRI) facility, according to industry sources familiar with the development.

In the first phase, the company will set up a 1.2 million tonnes per annum (MTPA) plant to produce green hot briquetted iron (HBI) and green direct reduced iron (DRI) — key raw materials for the production of green steel.

“Our greenfield facility will produce some of the lowest carbon-emission green HBI and DRI products, underscoring our unwavering commitment as a leader in clean technology solutions in India,” said Manoj Kumar Upadhyay, Chairman of ACME Group. He did not, however, disclose further details regarding the investment structure or project location.

The proposed facility is being considered either in India or Oman, near one of the group’s existing operational sites.

ACME is already in the process of developing a green hydrogen plant in Odisha and is in the advanced stages of constructing another such facility in Oman, aimed at boosting the company’s presence in global green energy markets.

Headquartered in Gurugram, ACME Group’s renewable energy portfolio spans solar, wind, hybrid, and dispatchable clean energy solutions. The group’s operational solar capacity currently stands at 2,700 MW, with additional projects under development.

The new investment marks a significant step in ACME’s transition from a renewable power producer to a fully integrated green energy and materials company, supporting India’s efforts to decarbonise the steel industry and achieve its Net-Zero targets.