ACME Group targets Rs 10,000 crore revenues from Solar Module & Solar Cell Manufacturing Business by 2030 – EQ
• ACME Renewable Equipment Manufacturing to house solar module and solar cell manufacturing divisions.
• Invests Rs 230 crore to establish 1.2 GW Solar Module manufacturing facility in Rajasthan
• Awarded Approved List of Models and Manufacturers status by MNRE
GURGAON – ACME Group is targeting Rs 10,000 crore revenues by 2030 from Solar Module and Solar Cell manufacturing business. This is part of its strategic business diversification strategy as ACME Group expands its business footprint beyond Renewable Energy generation. The Gurgaon-based Business Group has entered the Renewable Equipment Manufacturing sector with a current investmentabout Rs 230 crore and a solar modules manufacturing facility in Jaipur, Rajasthan with an annual capacity of 1.2 Gigawatts. The Solar Modules manufacturing facility was commissioned recently and employs more than 700 people.ACME Group plans to further scale-up the manufacturing capacity as well as establish new cell manufacturing facility under itsnew business entity ACME Renewable Equipment Manufacturing.
The Ministry of New and Renewable Energy’s (MNRE) has included ACME Group company in the Approved List of Models and Manufacturers (ALMM), enhancing its credibility as a Solar Modules manufacturer. The exclusivity of being on the ALMM list gives ACME Group a competitive edge in securing contracts under government-backed projects and private initiatives requiring certified modules.
Following the ALMM status, ACME Group will now actively bid & participate in supply agreements of solar modules for government projects, schemes, SECI tenders, rooftop solar installations (net-metering), KUSUM schemes and export opportunities. The ALMM initiative supports India’s “Make in India” initiative by promoting local manufacturing, reducing import dependency, and generating new employment. It also aligns with India’s renewable energy targets by ensuring domestically made high-quality solar modules in installations.
Commenting on ACME Group’s entry in the Renewable Equipment Manufacturing Business, Mr Manoj K Upadhyay, Chairman said, “Our strategic entry into the renewable equipment manufacturing business aligns seamlessly with the Make in India initiative. It marks a significant milestone in our journey to contribute meaningfully to India’s clean energy transition. We are committed to scaling up this business through new capacity enhancing investments as well as solar cells manufacturing in the next few years. Our company’s inclusion in MNRE’s Approved List of Models and Manufacturers underscores our commitment to quality, innovation, and sustainability. It also reinforces our alignment to the vision of Atmanirbhar Bharat initiative to reduce reliance on imports while positioning our nation as a global hub for clean energy equipment and technology.”
ACME’s Renewable Equipment Manufacturing facility in Jaipur enhances supply chain control and to further reduce the renewable power cost. The state-of-the-art manufacturing facility is designed to produce high-efficiency solar modules including latest TOPConcatering to diverse applications—from utility-scale power plants to rooftop installations. It addresses the growing demand for renewable energy equipment while positioning ACME Group as a significant player in driving India’s green energy transition.
According to industry estimates, India’s solar module manufacturing capacity is expected to grow from 80 GW in 2025 to 125 GW by 2030, and solar cell manufacturing increasing from 25 GW to 40 GW during the same period. Government Initiatives like the Approved List of Models and Manufacturers (ALMM) promote domestic production by mandating the use of locally manufactured modules in government-backed projects. Supportive schemes such as PM-KUSUM and rooftop solar programs are driving demand for solar installations. Rising production is expected to result in huge capacities enabling exports to account for 25-32% of production by 2030.
