ACME GROUP'S CHAIRMAN MANOJ KUMAR UPADHYAY EARNED Rs 8500 CRORE BY BETTING BIG ON INDIAN SOLAR ENERGY MARKET

Mumbai, India - In a remarkable journey from creating power-saving gadgets to becoming one of the wealthiest individuals in the world with an estimated net worth of $1.1 billion, Manoj Kumar Upadhyay, chairman and managing director of ACME Group, has cemented his position as a major tycoon in the Indian renewable energy sector.

Last week, the company went public on the Mumbai stock exchange, marking a significant milestone for Upadhyay and his family's net worth. The majority stakeholder, along with Upadhyay's wife Mamta, holds an impressive 83.4% stake in Acme Solar Holdings Ltd., which specializes in building and operating solar power plants.

Upadhyay, who is the patriarch of India's second-largest solar panel manufacturer, turned a new page with solar energy over 15 years ago, deciding to shift his focus from energy conservation to energy generation. He stated, "I saw that the world needed to move away from thermal energy, and somebody had to start investing in renewable energy. We decided to move from energy conservation to energy generation."

Under Upadhyay's leadership, ACME Group has grown significantly since its inception, developing over 3 gigawatts (GW) of solar, wind, and hybrid energy projects. The company has sold more than half of this capacity to private equity firms and other investors, while maintaining a substantial presence with installed green energy projects amounting to 1.3 GW.

In recent news, ACME Group announced an ambitious partnership with IHI Corporation through which they plan to develop a $5 billion green energy plant in Odisha, India. The move has bolstered the company's growth prospects under Upadhyay's strategic guidance.

The success of Upadhyay and his family's wealth surge in the renewable energy sector is also attributed to investors' increasing interest in Indian stocks, leading to a record year for funds raised through share sales in India.