Megha Engineering, second largest buyer of electoral bonds, donates Rs 1,186 crore

Megha Engineering is valued at Rs 67,500 crore and is one of India’s top unlisted companies.

New Delhi:

Megha Engineering has gone viral on social media since the Electoral Commission revealed that the company was one of the largest donors to political parties in the past five years. Data released by the poll panel showed that the corporation donated Rs 966 crore through electoral bonds between April 12, 2019 and January 24, 2024.

The company’s subsidiary Western UP Power Transmission Co Ltd also purchased electoral bonds worth Rs 220 crore during the period.

Electoral bonds, which allow individuals and businesses to donate to political parties without declaring them, were blocked by the Supreme Court last month. The court ruled the plan was unconstitutional and said it could lead to quid pro quo.

Data released by the Election Commission showed that Future Gaming and Megha Engineering were the largest political donors, purchasing electoral bonds worth Rs 1,368 crore and Rs 1,168 crore respectively.

Megha Engineering and Infrastructures Ltd. (MEIL), established in 1989, has a diverse product portfolio ranging from all-weather tunnels to high-speed rail infrastructure.

One of the Hyderabad-based company’s outstanding projects includes the construction of the Zoji La Tunnel, a vital year-round link between Srinagar and Ladakh. The company has also bagged the Thane-Borivali tunnel project in Mumbai.

Megha Engineering has partnered with Hindustan Construction Co. Ltd for the construction of Bandra-Kurla Complex station, India’s first bullet train project.

The company also controls Associated Broadcasting Co. Pvt. Ltd., a regional news channel that owns the TV9 brand.

According to an Axis Bank-Hurun India report released in February 2024, Megha Engineering is valued at Rs 67,500 crore and is one of the best-performing unlisted companies in India. Its founder P Pitchi Reddy is one of the richest people in India, with a net worth of 373 billion rupees, according to the “360 One Wealth Hurun India Rich List 2023”. Last year alone, his net worth increased by Rs 24,700 crore.