Megha Engineering and Infrastructure Limited Company is much in the news. He is at second place in terms of electoral bonds. But on Saturday, CBI has registered a case of bribery against him. The owner of this company is a billionaire, who is the fifth child of a farmer from Krishna district of Andhra Pradesh.
According to Forbes, the owner of this company, Pamireddy Pichi Reddy, has a personal net worth of $2.3 billion (approximately ₹ 19,230 crore). The value of his company is ₹ 67,500 crore. He now lives in a diamond shaped house in Hyderabad.
PP Reddy started a company named Megha Engineering Enterprises from a shed in Balanagar, Hyderabad with a capital of just Rs 5 lakh and manufactured pipes for municipalities. His nephew, PV Krishna Reddy, joined the company two years later and both men gradually moved into building roads and small infrastructure projects. In the year 2006, the name of the company was changed to Megha Engineering and Infrastructure Limited (MEIL).
Gradually this company started becoming one of the largest companies of India. This company gradually started working on major projects like highways and power plants. It expanded to more than 20 states of the country as well as many countries including Bangladesh and Kuwait.
One of the most popular projects of Megha Company is the construction of Zojila Tunnel, which provides all-weather connectivity between Ganderbal in Kashmir and Dras in Kargil. The cost of this project is around Rs 25,000 crore.
Apart from this the company has worked on many projects in the country. This includes construction of Kaleshwaram Lift Irrigation Project in Telangana and Bandra-Kurla Complex station for Mumbai-Ahmedabad Bullet Train Project.
PP Reddy lives in a house that looks like a diamond in Hyderabad. His house is now counted among the historical places of the city. He also has a golf course in his farmhouse.
It is known that Megha Engineering Company (MEIL) had purchased electoral bonds worth Rs 966 crore and has emerged as the second largest buyer after Future Gaming, owned by ‘Lottery King’ Santiago Martin. CBI has registered a case of bribery against the company and some government officials. Eight officials are accused of taking a bribe of Rs 78 lakh in exchange for clearing bills worth Rs 174 crore of MEIL related to Jagdalpur Integrated Steel Plant in Chhattisgarh.
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Tags: Hyderabad
FIRST PUBLISHED: April 13, 2024, 23:45 IST