Megha Engineering and Infrastructures Ltd. (MEIL), renowned for its diverse portfolio encompassing all-weather tunnels to high-speed rail infrastructure, has garnered widespread attention after the Election Commission disclosed it as one of the major donors to political parties in the last five years. According to data released by the poll panel, MEIL contributed a staggering ₹966 crore through electoral bonds between April 12, 2019, and January 24, 2024, solidifying its position as the second-largest buyer of such bonds.
A subsidiary of MEIL, Western UP Power Transmission Co Ltd, also played a significant role by purchasing electoral bonds worth ₹220 crores during this period.
The electoral bonds, which permitted individuals and businesses to donate money to political parties anonymously, were recently deemed unconstitutional by the Supreme Court due to concerns regarding potential quid pro quo arrangements.
In the electoral donation landscape, data from the Election Commission revealed that MEIL and Future Gaming were the top donors, having bought electoral bonds worth ₹1,168 crore and ₹1,368 crore, respectively.
Established in 1989, MEIL has undertaken several noteworthy projects, including the construction of the crucial Zoji La tunnel linking Srinagar to Ladakh throughout the year. Additionally, the company is engaged in the Thane-Borivali tunnel project in Mumbai and the construction of the Bandra-Kurla Complex station for India’s inaugural bullet train initiative.
MEIL also holds control over Associated Broadcasting Co. Pvt. Ltd., which operates regional news channels under the TV9 brand.
With an impressive valuation of ₹67,500 crore, MEIL ranks among India’s top-performing unlisted companies, as per the Axis Bank-Hurun India report published in February 2024. Its founder, P Pitchi Reddy, stands as one of India’s wealthiest individuals with a net worth of ₹37,300 crore, witnessing a remarkable increase of ₹24,700 crore in the past year, according to the ‘360 One Wealth Hurun India Rich List 2023’.
Sources By Agencies
