The Aryavarth Express
Agency(Hyderabad): Emerging as a key player in the political funding arena, the Hyderabad-based entity Megha Engineering and Infrastructure has secured its position as the second-highest contributor to political entities through the procurement of electoral bonds. The firm, which gained attention for securing major contracts like the prestigious Zojila tunnel project, expanding into the city gas domain, and acquiring a media conglomerate, has allocated a whopping Rs 966 crore towards bonds from the fiscal years 2019-20 to 2023-24. This period marks the company’s achievements, including securing the contract for constructing a year-round accessible road tunnel in Jammu and Kashmir in 2020, along with obtaining licenses for distributing compressed natural gas (CNG) and piped cooking gas in select cities.
Initially founded in 1989 by Pamireddy Pitchi Reddy under the name Megha Engineering Enterprises for producing pipes for municipal use, the company underwent a transformation in 2006, renaming itself as Megha Engineering and Infrastructure. Since then, it has undertaken significant infrastructure ventures including the construction of dams, distribution networks for natural gas, power plants, and highways. Among its notable projects is the Kaleshwaram Lift Irrigation Project, a Rs 1.51 lakh crore initiative approved by the BRS-led state government to channel water from the Godavari River to the drought-prone regions of Telangana.
The Election Commission disclosed that the BRS received the fourth-largest sum of electoral bonds, amounting to Rs 1,214.7 crore, from 2019 to 2023, following behind major political parties like the BJP, TMC, and Congress. Under the leadership of Pamireddy Pitchi Reddy’s nephew, PV Krishna Reddy, who joined the enterprise in 1991, Megha Engineering & Infrastructure has experienced rapid growth, securing key contracts across various sectors.
Despite requests for comments, MEIL has remained silent regarding these developments. However, the company has showcased its extensive portfolio on its X handle, including infrastructure, power, electric vehicle, and water treatment projects in numerous Indian states and territories.
MEIL’s projects feature the Zojila Road Tunnel, the longest bi-directional all-weather tunnel in Asia, linking Kashmir with Ladakh, and several other significant infrastructure and power projects across India. Its subsidiary, Megha City Gas Distribution Private Limited, is involved in city gas distribution projects, while another group company, Olectra Greentech Ltd, operates electric buses in Maharashtra. According to a Crisil report, as of September 30, 2023, MEIL boasted an order book valued at Rs 1.87 lakh crore, with revenues and profits after tax for the first half of fiscal 2024 showing substantial growth compared to the previous year.