The CBI has registered a case of bribery towards Megha Engineering.
Megha Engineering and Infrastructures Ltd, which has emerged because the second-biggest purchaser of electoral bonds and is the topic of a bribery case filed by the CBI, is owned by a billionaire who’s the fifth little one of a farmer from Andhra Pradesh’s Krishna district.
Refusing to let his humble beginnings forestall him from sowing the seeds of what would change into a behemoth valued at Rs 67,500 crore, Pamireddy Pitchi Reddy himself instructions a private web value of $2.3 billion (roughly Rs 19,230 crore), in keeping with Forbes. He additionally now lives in a home in Hyderabad which is formed like a diamond.
PP Reddy began the corporate with a capital of simply Rs 5 lakh from a shed at Balanagar in Hyderabad beneath the identify of Megha Engineering Enterprises and constructed pipes for municipalities. His nephew, PV Krishna Reddy, joined the corporate two years later and the 2 males slowly branched out into constructing roads and taking on small infrastructure initiatives, finally altering the corporate’s identify to Megha Engineering and Infrastructures Ltd (MEIL) in 2006.
With the elder Reddy because the chairman of the corporate and the nephew because the managing director, MEIL began making a reputation for itself in a crowded trade full of opponents with deep pockets, and went on to change into one in all India’s top-performing unlisted corporations.
The corporate slowly started taking on main initiatives like highways and energy vegetation after which expanded to over 20 states and a number of nations, together with Bangladesh and Kuwait.
One of many firm’s most talked-about initiatives is the development of the Zojila tunnel, which is able to present all-weather connectivity between Ganderbal in Kashmir and Drass in Kargil. The price of the undertaking is round Rs 25,000 crore.
Different key contracts embrace the Kaleshwaram Carry Irrigation undertaking in Telangana and the development of the Bandra-Kurla Complicated Station for the Mumbai-Ahmedabad bullet prepare undertaking, which is being carried out in collaboration with one other firm.
PP Reddy now lives in a home constructed to seem like a diamond in Hyderabad, which is now one of many metropolis’s landmarks. He additionally has a golf course in his farmhouse.
MEIL had purchased electoral bonds value Rs 966 crore and emerged because the second-biggest purchaser after Future Gaming, owned by ‘Lottery King’ Santiago Martin.
The CBI has registered a bribery case towards the corporate and a few authorities officers. The eight officers are accused of receiving a bribe of Rs 78 lakh in trade for clearing MEIL’s payments of Rs 174 crore associated to the Jagdalpur built-in metal plant in Chhattisgarh.
