ACME GROUP CHAIRMAN MANOJ KUMAR UPADHYAY'S $1.1 BILLION WINDFALL AS COMPANY SETS RECORD WITH RECENT IPO

Mumbai, India - The Mumbai stock exchange witnessed a significant milestone recently as Acme Solar Holdings Ltd., the renewable energy arm of ACME Group, made its public debut, catapulting chairman and managing director Manoj Kumar Upadhyay's net worth to an impressive $1.1 billion.

Upadhyay, 54, now joins the ranks of the world's wealthiest individuals due to his strategic early investment in solar power. His company specializes in building and operating solar power plants, with a majority stake held by himself and his wife Mamta.

This achievement solidifies Upadhyay's status as a major tycoon in the industry, as Acme Solar Holdings Ltd. set a record with its recent IPO. The company reported a net profit of nearly 7 billion rupees (approximately $82.9 million) for the fiscal year ending March 31, 2024.

Upadhyay's journey to becoming one of India's top renewable energy players began in 2010 when he shifted his business focus from power-saving gadgets to solar energy. He built his first solar plant in Gujarat, aiming to move away from thermal energy.

Over the last 15 years, Acme Solar has grown significantly, developing over 3 gigawatts (GW) of solar, wind, and hybrid energy projects. The company recently entered into a $5 billion partnership with Japanese heavy-industry giant IHI Corporation to develop a green energy plant in Odisha, India.

The global shift in investor focus towards Indian stocks has led to a record year for funds raised through share sales in India, despite a slight dip in enthusiasm in recent weeks. Upadhyay's company is poised to capitalize on this trend, with plans to allocate $210 million from its recent IPO to repay existing debts and strengthen its financial position.

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