Strategic partnerships and expansions by Acme made it a key player in the global renewable energy market, solidifying Manoj Kumar Upadhyay’s status as a major tycoon in the industry.
Manoj Kumar Upadhyay, the 54-year-old chairman and managing director of ACME Group, has recently joined the ranks of the world’s wealthiest individuals, due to his strategic early investment in solar power. On Wednesday, Upadhyay’s renewable energy company, Acme Solar Holdings Ltd., went public on the Mumbai stock exchange, boosting his family’s net worth to an impressive $1.1 billion, according to the Bloomberg Billionaires Index.
The majority of this wealth comes from the 83.4% stake that Upadhyay and his wife, Mamta, hold in the company, which specializes in building and operating solar power plants.
Manoj Kumar Upadhyay Wealth
This achievement makes Upadhyay one of several entrepreneurs who are taking India to shift towards renewable energy. Just last month, Hitesh Chimanlal Doshi family’s fortune nearly doubled to around $5.3 billion after the successful listing of his solar cell manufacturing company, Waaree Energies Ltd.
The wealth surge in the renewable energy sector is driven by a global shift in investor focus towards Indian stocks, which has resulted in a record year for funds raised through share sales in India, even though there has been a slight dip in enthusiasm in recent weeks.
Upadhyay Shift to Renewable Energy
Upadhyay began his career by creating power-saving gadgets but made a pivotal decision in 2010 to shift his business focus to solar energy. He built his first solar plant in Gujarat, inspired by the need to move away from thermal energy. In an interview, he stated, “I saw that the world needed to move away from thermal energy, and somebody had to start investing in renewable energy. We decided to move from energy conservation to energy generation.”
The Rise of Acme Solar
Over the last 15 years, Acme Solar has grown significantly, developing over 3 gigawatts (GW) of solar, wind, and hybrid energy projects. The company has sold more than half of this capacity to private equity firms and other investors, maintaining over 1.3 GW of installed green energy projects with an additional 3.25 GW under construction.
For the financial year ending March 31, 2024, Acme Solar reported a net profit of nearly 7 billion rupees (approximately $82.9 million). The company plans to allocate around $210 million from its recent Initial Public Offering (IPO) to repay existing debts, strengthening its financial position.
Acme entered into a $5 billion partnership with Japanese heavy-industry giant IHI Corporation to develop a green energy plant in Odisha, India.