Indian Tycoon Manoj Kumar Upadhyay's Rs 8500 Crore Windfall from Solar Power Investments

In a remarkable achievement, 54-year-old Manoj Kumar Upadhyay, chairman and managing director of ACME Group, the renewable energy company that recently went public on the Mumbai stock exchange, has earned an impressive Rs 8500 crore by investing heavily in India's solar power sector.

ACME Group, which specializes in building and operating solar power plants, is currently holding an enormous 83.4% stake in its parent company, Acme Solar Holdings Ltd. This significant shareholding has catapulted Upadhyay and his wife, Mamta, to a staggering net worth of $1.1 billion according to the Bloomberg Billionaires Index.

Under Upadhyay's leadership, ACME Group has made strategic shifts towards renewable energy, transforming from traditional power-saving gadgets to solar power investments ten years ago in 2010. The company's initial foray into solar energy was driven by a desire to move away from thermal energy and contribute to India's transition to cleaner energy.

The company's successful diversification into solar energy has led to phenomenal growth over the past 15 years, with ACME Solar developing an impressive 3 gigawatts (GW) of energy projects across solar, wind, and hybrid energy sectors. Notably, over half of these capacity additions have been secured by private equity firms and other investors.

To further bolster its position in the rapidly expanding renewable energy space, ACME Group has established partnerships with prominent international organizations such as the Japanese heavy-industry giant IHI Corporation to develop green energy projects. The most recent strategic partnership is worth $5 billion.

The impressive fortunes of Manoj Kumar Upadhyay serve as a testament to India's potential for growth and adoption of renewable energy in the ever-evolving global market, propelling entrepreneurs to play pivotal roles in driving this change.

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