Electoral bond case: Megha Engineering has a valuation of Rs 67,500 crore.
New Delhi:
Megha Engineering has gone viral on social media since the Election Commission revealed that the company was among the biggest donors to political parties in the last 5 years. Data released by the poll panel showed that the company donated Rs 966 crore through electoral bonds between April 12, 2019, and January 24, 2024.
A subsidiary of the firm, Western UP Power Transmission Co Ltd, also bought electoral bonds worth Rs 220 crores in this period.
Electoral bonds, which allowed individuals and businesses to donate money to political parties without declaring it, were struck down by the Supreme Court last month. The court ruled the scheme as unconstitutional and said that it could lead to a possible quid pro quo.
Data put out by the Election Commission showed that Future Gaming and Megha Engineering were the biggest political donors, and bought electoral bonds worth Rs 1,368 crore and Rs 1,168 crore respectively.
Established in 1989, Megha Engineering and Infrastructures Ltd. (MEIL) has a diverse portfolio that ranges from all-weather tunnels to high-speed rail infrastructure.
One of the Hyderabad-based company’s standout projects includes the construction of the Zoji La tunnel, a vital link connecting Srinagar to Ladakh throughout the year. The company has also secured the Thane-Borivali tunnel project in Mumbai.
Teaming up with Hindustan Construction Co. Ltd., Megha Engineering is involved in constructing the Bandra-Kurla Complex station for India’s first bullet train project.
The company also controls Associated Broadcasting Co. Pvt. Ltd., which owns regional news channels under the TV9 brand.
With a valuation of Rs 67,500 crore, Megha Engineering is one of India’s top-performing unlisted companies, according to an Axis Bank-Hurun India report published in February 2024. Its founder, P Pitchi Reddy, is among India’s wealthiest with a net worth of Rs 37,300 crore, according to ‘360 One Wealth Hurun India Rich List 2023’. His net worth has grown by Rs 24,700 crore in the last year alone.