Pamireddy Pitchi Reddy: Megha Engineering and Infrastructure Limited is in the news these days. After the list of those who bought electoral bonds came out, Megha Engineering became a topic of nationwide discussion. The company had purchased electoral bonds worth Rs 966 crore. It was the second largest company to buy this bond after Future Gaming. On Saturday, CBI registered a bribery case against Megha Engineering and it once again came into headlines. Today we are giving you information about its owner Pamireddy Pitchi Reddy. Let us know how a farmer's son built an empire worth Rs 67,500 crore and today lives in a diamond-like house.
The house is built like a diamond
PP Reddy was born in a farmer's family in Krishna district of Andhra Pradesh. He is the 5th child of his parents. He started Megha Engineering from a small space in Balanagar, Hyderabad with just Rs 5 lakh to make pipes for the municipality. Now his house in Hyderabad is built in the shape of a diamond. He also has a golf course in his farm house. Today the value of his company was estimated at Rs 67,500 crore and his own wealth was estimated by Forbes at Rs 19,230 crore.
Working in 20 states and many countries
PP Reddy's nephew PV Krishna Reddy had also joined Megha Engineering. After this, both of them together transformed the company into a company undertaking road construction and infrastructure projects. In the year 2006, the name of the company was changed to Megha Engineering and Infrastructures Ltd. Despite strong competition in this sector, Megha Engineering was successful in securing big projects. Gradually the company started taking up highway and power plant work in 20 states and also in Bangladesh and Kuwait.
Also built big projects like Zojila Tunnel
Megha Engineering had done the work of building the country's famous Zojila Tunnel. Apart from this, the company is also constructing Kaleshwaram Lift Irrigation Project of Telangana and Bandra Kurla Complex Station of Mumbai Ahmedabad Bullet Train Project. According to CBI, Megha Engineering had bribed officials of various government companies to clear the bills. These bills were for work related to Jagdalpur Integrated Steel Plant. 8 officers of NISP and NMDC and 2 officers of MECON are also involved in this case. It is alleged that about Rs 78 lakh was given as bribe to the concerned officials to clear the bill of Rs 174 crore of Megha Engineering.
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