ACME SOLAR HOLDINGS LTD.'S IPO Boosts Manoj Upadhyay's Net Worth to $1.1 Billion

Mumbai: The Initial Public Offering (IPO) of Acme Solar Holdings Ltd., a leading renewable energy company, has catapulted its chairman and managing director Manoj Kumar Upadhyay into the ranks of the world's wealthiest individuals.

With an 83.4% stake in the company, Upadhyay's family now holds assets worth $1.1 billion, according to the Bloomberg Billionaires Index. The majority of this wealth comes from Acme Solar Holdings Ltd., which specializes in building and operating solar power plants.

Upadhyay's journey into renewable energy began 15 years ago when he shifted his business focus away from power-saving gadgets towards solar energy. He built his first solar plant in Gujarat and has since developed over 3 gigawatts of solar, wind, and hybrid energy projects under Acme Solar.

The company's aggressive expansion plans have earned it a significant partnership with Japanese heavy-industry giant IHI Corporation to develop a $5 billion green energy plant in Odisha, India. This deal solidifies Acme Solar's position as a major player in the global renewable energy market.

In addition to its strategic partnerships, Acme Solar reported a net profit of nearly 7 billion rupees (approximately $82.9 million) for the financial year ending March 31, 2024. The company plans to allocate around $210 million of its recent IPO funds to repay existing debts and strengthen its financial position.

Upadhyay's success is part of a global trend towards investor focus on Indian stocks, which has resulted in a record year for funds raised through share sales in India.