Indian Tycoon Earnings $1.1 Billion with Renowned Renewable Energy Company

Mumbai, India - 54-year-old Manoj Kumar Upadhyay, chairman and managing director of ACME Group, has solidified his position as a major player in the global renewable energy market with his company's recent IPO. The company, Acme Solar Holdings Ltd., has reportedly earned Rs 8500 crore (approximately $100 million USD) by betting big on solar power.

Acme Solar Holdings Ltd., which specializes in building and operating solar power plants, sees the majority of its wealth come from an 83.4% stake held by Upadhyay and his wife, Mamta. This investment has catapulted the family's net worth to $1.1 billion, according to the Bloomberg Billionaires Index.

Upadhyay's company has experienced rapid growth over the past 15 years, with over 3 gigawatts (GW) of solar, wind, and hybrid energy projects developed so far. Acme Solar has sold more than half of this capacity to private equity firms and other investors, maintaining over 1.3 GW of installed green energy projects.

The company plans to use around $210 million from its recent IPO to repay existing debts, strengthening its financial position. Acme also entered into a notable $5 billion partnership with Japanese heavy-industry giant IHI Corporation to develop a green energy plant in Odisha, India.

This achievement marks Upadhyay's strategic early investment in solar power as the decisive factor behind his company's success. By joining the ranks of world's wealthiest individuals, Upadhyay demonstrates his leadership in India's renewable energy sector and solidifies ACME Group's position as a major player globally.