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ACME Group has partnered with the Odisha government to invest $1.4 billion in a green methanol facility that will produce 200,000 tonnes of green methanol for maritime fuel. An agreement has been signed with Industrial Promotion and Investment Corporation of Odisha Ltd (IPICOL).

The plant is expected to be commissioned by 2029-30. ACME is also in discussions with global shipping lines for offtake agreements and is developing additional green hydrogen and ammonia projects in the region.

The project aligns with global maritime decarbonization efforts, supported by the European Union's FuelEU Maritime Regulation and International Maritime Organisation targets for net-zero emissions by 2050. Funding for the project will include debt and potential equity raises, facilitated by IPICOL.