Renewable Energy Tycoon Manoj Upadhyay's Net Worth Surpasses $1.1 Billion with Acme Solar Listings
Mumbai: Acme Solar Holdings Ltd., the renewable energy arm of ACME Group, made history as it went public on the Mumbai stock exchange on Wednesday, catapulting its chairman and managing director Manoj Kumar Upadhyay to the ranks of the world's wealthiest individuals.
The company's successful listing has significantly boosted Upadhyay's family fortune, with his stake in Acme Solar Holdings Ltd. accounting for a substantial 83.4% of the company's valuation. According to the Bloomberg Billionaires Index, Upadhyay and his wife Mamta now have a net worth of $1.1 billion.
Upadhyay's journey into renewable energy began in 2010 when he decided to shift his business focus from power-saving gadgets to solar energy. He built his first solar plant in Gujarat and made it his mission to move India away from thermal energy. His vision has now become a reality, with Acme Solar Holdings Ltd. playing a significant role in the country's renewable energy landscape.
Under Upadhyay's leadership, ACME Group has grown significantly over the last 15 years, developing over 3 gigawatts of solar, wind, and hybrid energy projects. The company has secured partnerships worth billions of dollars with prominent investors, including Japanese heavy-industry giant IHI Corporation.
In a recent statement, Upadhyay explained that his decision to invest in renewable energy was driven by the pressing need for sustainable practices globally. He stated that he took bold strides to move away from thermal energy and embrace solar power.
The listing of Acme Solar Holdings Ltd. marks a significant milestone in the country's transition towards renewable energy. The company plans to allocate around $210 million from its recent IPO to repay existing debts, further strengthening its financial position.
Manoj Upadhyay's ascent to the top spot highlights the growing importance of renewable energy investors and their pivotal role in the global shift towards sustainable practices.
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