ACME Targets Rs 10,000cr Revenues From Solar Module, Cell Biz

ACME Targets Rs 10,000cr Revenues From Solar Module, Cell Biz

ACME Group is aiming to generate Rs 10,000 crore in revenue by 2030 from its solar module and cell manufacturing operations, as part of a broader strategy to diversify beyond renewable energy generation.

The Gurgaon-based company has entered the solar equipment manufacturing sector with an investment of Rs 230 crore. Its new module manufacturing facility in Jaipur, Rajasthan, has an annual capacity of 1.2 GW and employs over 700 people. The group plans to expand its manufacturing footprint, including a new solar cell plant, under a new business entity, ACME Renewable Equipment Manufacturing.

Inclusion in MNRE’s ALMM 

The Ministry of New and Renewable Energy (MNRE) has included ACME in its Approved List of Models and Manufacturers (ALMM), a move that strengthens its position in both government and private solar procurement markets. The listing gives the company access to bids and supply contracts for government projects, rooftop installations, the KUSUM scheme, SECI tenders, and export markets.

“The move aligns with the government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, supporting local manufacturing, job creation, and reduced import dependency,” the company said.

Capacity Expansion Soon 

Commenting on the development, ACME Group Chairman Manoj K Upadhyay said the company’s entry into equipment manufacturing marks a “significant milestone” in its contribution to India’s clean energy transition. He said the firm would continue investing in capacity expansion and solar cell manufacturing.

ACME’s Jaipur facility, equipped to produce high-efficiency TOPCon modules, aims to improve supply chain control and reduce solar power costs. The company said the plant will cater to demand across utility-scale and rooftop applications.

India’s solar module production capacity is expected to rise from 80 GW in 2025 to 125 GW by 2030, while solar cell capacity is projected to grow from 25 GW to 40 GW, according to industry estimates. Exports could account for up to 32% of domestic production by the end of the decade, supported by policies such as the ALMM, PM-KUSUM, and rooftop solar schemes.