ACME Group is planning to invest approximately ₹5,000 crore in the initial phase of developing a cutting-edge facility. This plant will specialize in producing 1.2 million tonnes per annum (MTPA) of Green Hot Briquetted Iron (HBI) and Green Direct Reduced Iron (DRI), crucial components for manufacturing green steel.
“Our new greenfield facility is poised to become a leader in producing green HBI and DRI products with some of the lowest carbon emissions globally,” stated a company representative. “This reinforces our unwavering commitment to providing clean technology solutions across India.”
Manoj Kumar Upadhyay, Chairman of ACME Group, announced on Sunday, October 12, 2025, that the company has finalized a binding term-sheet with Stavian Industrial Metal of Vietnam. This agreement secures a long-term ‘take or pay/supply or pay’ deal for 0.8 MTPA of green HBI and DRI over a decade.
Stavian Industrial Metal is a prominent Vietnamese corporation, known for its expertise in processing, investing, and trading industrial metal materials. The company is committed to sustainable development and innovation within the global metals market.
“This collaboration represents a pivotal moment for ACME, significantly advancing the integration of green steel into our business portfolio as part of our strategic expansion,” Mr. Upadhyay commented.
This term-sheet will soon lead to a definitive offtake agreement, outlining the supply of these products from ACME Group’s upcoming facility.
ACME Group’s agreement with Stavian Industrial Metal leverages ACME’s advanced capabilities in green hydrogen production to process HBI and DRI, which are essential for green steel manufacturing.
“We view this as a logical expansion of our business, enabling us to broaden our clean energy offerings and support the transformation from conventional ‘grey’ steel to environmentally friendly ‘green’ steel,” explained Mr. Upadhyay.
The green hydrogen required for this project will be sourced from ACME Group’s green hydrogen facility, which is currently under construction. The Green HBI/DRI plant will be situated at one of ACME’s existing locations, ensuring ready access to both green hydrogen and renewable power.
“We are actively submitting the necessary applications to the relevant authorities,” he added. “Once we secure all required regulatory and official clearances, construction of the Green HBI/DRI facility will promptly begin.”
ACME Group is also in the process of establishing a green hydrogen facility in Odisha, and another one in Oman is already in advanced stages of development.
David Nguyen Minh Tu, Chairman of Stavian Industrial Metal, emphasized, “This partnership is more than just a commercial agreement; it embodies our shared responsibility towards achieving Net Zero goals – by 2050 for Vietnam and 2070 for India.”
He further added, “With a robust foundation, strong financial backing, and a vast network of over 20,000 customers in more than 100 countries, Stavian Industrial Metal is dedicated to collaborating with global partners to foster a more sustainable and greener steel industry.”
The global green steel market is undergoing a rapid evolution, driven by heightened climate commitments, evolving regulatory landscapes, and a growing demand from industries striving to decarbonize their manufacturing and supply chain processes. This surge creates substantial business opportunities for both producers and clean technology innovators worldwide.
As governments and major corporations increasingly mandate decarbonization, the demand for low-carbon steel is skyrocketing across key sectors like automotive, construction, and consumer goods.
Leading economies, including Europe, the United States, and China, are making significant investments in cutting-edge green steel technologies, particularly hydrogen-based solutions, to modernize steel production and drastically reduce emissions.