ACME secures loan from REC for Oman green hydrogen project

24 Jul 2023 CW Team

ACME Group said it has tied up a Rs 4,000-crore loan from state-owned REC for its green hydrogen and ammonia project in Oman. The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman.

Once the first phase is ready, about 100,000 tonnes of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonnes a year. The project will be powered by a 5.5-GWp solar PV plant and have the capacity to generate 3.5 GW electrolyser, the statement said.

"Diversified renewable energy company ACME Group announced securing Rs 4,000 crore loan from REC Ltd for its green hydrogen and green ammonia project in Oman," it stated.

The ACME Group also announced the signing of a Memorandum of Understanding (MoU) with REC Ltd for a Rs 21,000-crore loan to set up four major renewable projects in the country.

The MoU was signed during the ongoing 14th Clean Energy Ministerial and 8th Mission Innovation meeting in Goa.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..