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Megha Engineering and Infrastructure, a little-known Hyderabad-based agency, hit the headlines this Thursday after it emerged because the second-largest purchaser of electoral bonds, in keeping with the information made public by the Election Fee of India.
The corporate that began enterprise from a small shed with simply Rs 5 lakh capital has within the latest years received the celebrated Zojila tunnel deal, was reportedly concerned within the building of a nodal station for India’s first bullet practice mission, manages metropolis gasoline and owns a media group.
MEIL purchased a complete of Rs 966 crore value of bonds between monetary years 2019-20 and 2023-24. The unlisted non-public agency was based in 1989 by industrialist Pamireddy Pitchi Reddy as Megha Engineering Enterprises, manufacturing pipes for municipalities.
Reddy, who belonged to a farmer household in Andhra Pradesh’s Krishna district, began from a small shed at Balanagar in Hyderabad. Alongside together with his nephew P V Krishna Reddy, MEIL branched out to developing roads and small infrastructure initiatives.
It went on to execute huge infrastructure initiatives reminiscent of dams, pure gasoline distribution networks, energy vegetation, and roads. It was awarded a Rs 1.51 lakh crore Kaleshwaram Elevate Irrigation Mission that concerned supplying water from the Godavari River to the arid elements of Telangana by the BRS-led authorities within the state.
Managed key initiatives
MEIL initiatives embody Asia’s longest bi-directional all-weather Zojila Highway Tunnel Mission, which connects the Kashmir valley and the Ladakh area, growth of two inter-state energy transmission initiatives in Uttar Pradesh, Yadgir multi-village ingesting water mission in Karnataka as a part of the federal government’s JalJeevanMission, Renigunta Naidupeta Highway Mission and 960 MW Polavaram Hydropower Mission in Andhra Pradesh. MEIL can be executing the 212.5 MLD (million litre/day) Amberpeta sewage remedy plant in Telangana, the Dhenkanal ingesting water mission in Odisha and the Kundah Pumped Storage Hydel Energy Mission in Tamil Nadu, amongst others. MEIL can be executing the 212.5 MLD (million litre/day) Amberpeta sewage remedy plant in Telangana, the Dhenkanal ingesting water mission in Odisha and the Kundah Pumped Storage Hydel Energy Mission in Tamil Nadu, amongst others.
Controversies
In October 2019, the Earnings Tax division raided the workplaces of the corporate for alleged irregularities. Final 12 months, the federal government rejected a $1-billion funding proposal of Chinese language electrical automobile maker BYD and its companion MEIL to arrange an electrical automobile manufacturing plant.
In keeping with a Crisil report, as of September 31, 2023, MEIL had an order e-book of Rs 1.87 lakh crore. Within the first six months of fiscal 2024, MEIL (on a standalone foundation) posted revenues of Rs 14,341 crore and revenue after tax (PAT) of Rs 1,345 crore in comparison with Rs 13,057 crore and Rs 1,532 crore, respectively, throughout the identical interval final fiscal.
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