Indian Tycoon Joins Ranks of World's Wealthiest with Rs 8500 Crore Investment in Solar Power
Mumbai: Manoj Kumar Upadhyay, the 54-year-old chairman and managing director of ACME Group, has made a fortune by betting big on India's solar energy sector. The company, led by Upadhyay and his wife Mamta, which specializes in building and operating solar power plants, went public on the Mumbai stock exchange earlier this week, boosting their family's net worth to an impressive $1.1 billion.
Upadhyay's wealth is largely attributed to Acme Solar Holdings Ltd.'s 83.4% stake, over which he and his wife hold control. The company's majority of its installed green energy projects under construction with an additional 3.25 GW in the pipeline are valued at approximately Rs 8500 crore.
Strategic partnerships and expansions by Acme have made it a key player in the global renewable energy market, solidifying Upadhyay's status as a major tycoon in the industry. The company has developed over three gigawatts (GW) of solar, wind, and hybrid energy projects in the last 15 years.
Upadhyay began his career by creating power-saving gadgets but shifted his focus to solar energy in 2010, inspired by the need to move away from thermal energy. He stated that the world needed to transition away from thermal energy and somebody had to invest in renewable energy.
The company's recent Initial Public Offering (IPO) fetched $210 million, which will be used to repay existing debts. Acme has also entered into a $5 billion partnership with Japanese heavy-industry giant IHI Corporation to develop a green energy plant in Odisha, India.
This achievement joins the ranks of other entrepreneurs taking India towards renewable energy. Waaree Energies Ltd., a solar cell manufacturing company led by Hitesh Chimanlal Doshi family, saw its fortune nearly double last month after its successful listing on the stock exchange.
The surge in wealth in the renewable energy sector is driven by global investors shifting their focus to Indian stocks, resulting in a record year for funds raised through share sales in India. However, enthusiasm has dipped slightly in recent weeks.
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