New Delhi: ACME Group Tuesday announced that it has inked an initial pact with Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL) to set up a green methanol manufacturing facility in Odisha.
The Green Methanol facility is part of the ACME Green Hydrogen Business and will be set up under a special project vehicle, ACME Akshya Energy Pvt Ltd, a company statement said.
The project is expected to be established in Kendrapada district of Odisha with an employment potential of more than 1,100 new jobs.
The 200 KTPA project will help advance India’s ambition to become a global hub for green hydrogen and its derivatives.
According to the statement, the ACME Group has signed an MOU with the IPICOL to establish a firm manufacturing base in the State.
ACME Group and IPICOL will identify a Nodal Officer for early implementation of the Green Methanol Project.
“We are setting up multiple green hydrogen and ammonia projects around Paradip and Gopalpur for both domestic and export purposes.
“Abundant availability of biogenic feedstock along with supportive industrial policies, and low-cost green power supply have created an excellent ecosystem in Odisha for the production of green methanol at globally competitive costs,” said Anil Taparia, Chief Operating Officer at ACME Green Hydrogen and Ammonia Business Unit.
PTI