Founder of Second Largest Purchaser of Political Bonds Resides in a “Diamond House

The CBI has registered a case of bribery against Megha Engineering. The company, owned by billionaire Pamireddy Pitchi Reddy, hails from humble beginnings in Andhra Pradesh’s Krishna district. Despite this, Reddy has grown the company to a valuation of Rs 67,500 crore and boasts a personal net worth of $2.3 billion. He resides in a diamond-shaped house in Hyderabad.

The company, originally named Megha Engineering Enterprises, started with a mere capital of Rs 5 lakh and focused on producing pipes for municipalities in Hyderabad. Over time, they expanded into road construction and other small infrastructure projects, eventually rebranding to Megha Engineering and Infrastructures Ltd (MEIL) in 2006. With Reddy as chairman and his nephew as managing director, MEIL established itself as a prominent unlisted company in India. MEIL has successfully undertaken major projects across over 20 states and countries like Bangladesh and Kuwait.

Their notable projects include the Zojila tunnel, Kaleshwaram Lift Irrigation project, and the Bandra-Kurla Complex Station for the Mumbai-Ahmedabad bullet train project. Reddy’s lavish lifestyle is reflected in his diamond-shaped house, a notable landmark in Hyderabad, and a personal golf course in his farmhouse. However, despite its success, MEIL has recently faced legal trouble as the CBI has filed a bribery case against the company and some government officials. Eight officials are accused of receiving a bribe of Rs 78 lakh in exchange for clearing MEIL’s bills related to the Jagdalpur integrated steel plant in Chhattisgarh.

The company’s substantial purchase of electoral bonds worth Rs 966 crore further highlights its prominence and involvement in controversial issues.