Indian Tycoon Manoj Upadhyay's Rs 8500-Crore Solar Power Empire Thrives

Acme Group Chairman and Managing Director Manoj Kumar Upadhyay has cemented his status as a major player in the global renewable energy market, with his solar power company, Acme Solar Holdings Ltd., recently going public on the Mumbai stock exchange. The listing has boosted the family's net worth to an impressive $1.1 billion, according to the Bloomberg Billionaires Index.

Upadhyay's fortune is largely attributed to his 83.4% stake in Acme Group, which specializes in building and operating solar power plants. With a majority of its projects already operational, the company has developed over 3 gigawatts (GW) of solar, wind, and hybrid energy projects.

Under Upadhyay's strategic vision, ACME Group has become a significant player in the global renewable energy market. The company has tied up with various investors, including private equity firms, to develop its green energy projects. One notable partnership is with Japanese heavy-industry giant IHI Corporation, which has invested $5 billion in developing a green energy plant in Odisha.

The company's commitment to expanding its operations has seen it plan for an additional 3.25 GW of solar power capacities under construction. Acme Solar Holdings Ltd. reported a net profit of nearly Rs 7 billion (approximately $82.9 million) for the financial year ending March 31, 2024.

Upadhyay's journey into the renewable energy sector began in 2010, after he shifted his focus from power-saving gadgets to solar energy. Inspired by the need to move away from thermal energy, he built his first solar plant in Gujarat and made investments that would change his life forever.

The success of ACME Group is a testament to Indian entrepreneurs' growing presence in the renewable energy sector. With global investors shifting their focus towards Indian stocks, funds raised through share sales have seen a record year, making this a favorable time for companies like Acme Solar Holdings Ltd.