India's Solar Power Tycoon: Manoj Upadhyay Joins the Ranks of World's Wealthiest Individuals
New Delhi, India - In a significant achievement, 54-year-old Manoj Kumar Upadhyay, the chairman and managing director of ACME Group, has become one of the world's wealthiest individuals courtesy of his strategic early investment in solar power. His renewable energy company, Acme Solar Holdings Ltd., went public on the Mumbai stock exchange recently, boosting his family's net worth to an impressive $1.1 billion, according to the Bloomberg Billionaires Index.
Upadhyay's wealth stems largely from his 83.4% stake in ACME Group, which specializes in building and operating solar power plants. The company has developed over 3 gigawatts (GW) of solar, wind, and hybrid energy projects, with more than half of this capacity sold to private equity firms and other investors.
Upadhyay's journey into the renewable energy sector began in 2010, when he shifted his business 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. Today, ACME Solar is a key player in the global renewable energy market, with plans to allocate $210 million from its recent Initial Public Offering (IPO) to repay existing debts.
The company's expansion is driven by a strategic partnership with Japanese heavy-industry giant IHI Corporation, which has committed to developing a green energy plant in Odisha, India. This move solidifies ACME Solar's position as a major player in the Indian renewable energy market and further boosts Upadhyay's status as a tycoon in the industry.
India is witnessing a significant shift towards renewable energy, with several entrepreneurs like Manoj Upadhyay leading the charge. The recent listing of Waaree Energies Ltd., another solar cell manufacturing company, has not only strengthened Hitesh Chimanlal Doshi's fortune but also fueled investor enthusiasm for Indian stocks in the renewable energy sector.
As the world continues to focus on sustainable energy solutions, companies like ACME Solar are poised to play a major role in India's transition towards a cleaner and more green economy.