Megha Engineering’s Debt Soared by Rs 11,250 Crore in 5 Months Amid Electoral Bond Contributions

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According to data from the Election Commission of India, Meil purchased Rs 980 crores worth electoral bonds between April 2019 and November 2023, while its subsidiaries and associate companies, namely Western UP Power Transmission Company Limited, SEPC Power and Evey Trans Private Ltd, together bought another Rs 266 crore worth bonds.

Founded in 1989 by P Pitchi Reddy, a first-generation entrepreneur, Meil’s journey took a dramatic turn in the last decade when it began bagging projects from everywhere.

Some of the high-profile projects include the Kaleshwaram Lift Irrigation Scheme in Telangana, which is under the Comptroller and Auditor General scanner. It is also executing the controversial Polavaram Multipurpose Irrigation Project in Andhra Pradesh, which was originally granted to Navayuga Engineering, but was subsequently cancelled.

Beyond infrastructure, Meil has interests in media entities. Through its subsidiary My Home Group, it has investments in regional new channel TV9.

The flamboyant Reddy is known within his circle for his love for movies, fast cars and luxury sports. In fact, in 2022, he brought in single seater motor racing event to Hyderabad with his entity India Racing League, and is now being expanded to other cities like Chennai.

If Reddy’s Hyderabad home ‘Diamond House’ stands out for its architectural marvel, his family home in Dokiparru, Krishna district is no less a palace.


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