Electoral bonds data: 60% of Megha Engineering's donations went to BJP, 20% to BRS
Hyderabad-based Megha Engineering and Infrastructure Ltd (MEIL) donated Rs 966 crore via electoral bonds, with 60% going to BJP. Its subsidiary contributed Rs 220 crore, with half to INC. MEIL, a major infrastructure player, operates across India. However, it faces scrutiny, notably in the Kaleshwaram Lift Irrigation Scheme (KLIS) scam.
Hyderabad-based infrastructure giant Megha Engineering and Infrastructure Ltd (MEIL) has taken centre stage, emerging as a significant contributor through electoral bonds. According to data by the Election Commission of India, 60% of MEIL's contributions were made to the Bharatiya Janata Party (BJP).
Separately, MEIL’s subsidiary, Western UP Power Transmission Company, allocated Rs 220 crore in donations, with a significant portion directed to the All India Congress Committee of the Indian National Congress (INC).
MEIL stepped into the spotlight following the disclosure of electoral bond data by the Election Commission of India on March 14. Subsequently, prompted by a directive from the Supreme Court, the State Bank of India released comprehensive information on the electoral bond scheme on March 21. According to data, MEIL had acquired 966 bonds valued at Rs 1 crore each.
Distribution of bonds
The breakdown of MEIL's bond distribution reveals a significant allocation to various political entities.
Of the 966 bonds bought by MEIL, 584 bonds went to the BJP, 195 to Bharat Rashtra Samithi (BRS), 85 to Dravida Munnetra Kazhagam (DMK), 37 to YSR Congress Party, 28 to Telugu Desam Party, 18 to INC, 10 to Bihar Pradesh Janata Dal, five to Janata Dal, and four to Janasena Party.
MEIL's subsidiaries, Evey Trans Private and SEPC Power, also made significant contributions through electoral bonds. While Evey Trans bought six bonds worth Rs 1 crore each, all of which went to BRS, SEPC Power bought 40 bonds worth Rs 1 crore each.
MEIL's business portfolio
MEIL traces its origins back to 1989 when P Pitchi Reddy (PP Reddy), hailing from a farming background, founded Megha Engineering Enterprises. Over the years, the company expanded its portfolio from municipal projects to significant water and irrigation ventures.
PP Reddy's nephew, PV Krishna Reddy (PV Reddy), later joined the business, contributing to its growth and diversification.
MEIL gained prominence in 2019 by securing the Polavaram Multipurpose Irrigation Project contract in Andhra Pradesh. The company also has notable projects like the Zojila Tunnel connecting Srinagar and Leh under its name.
In addition to its infrastructure ventures, MEIL's business interests extend to entities such as Olectra Greentech and Associated Broadcasting Company Private Limited (ABCL), which operates regional news channels under the TV9 brand.
Scrutiny and allegations
However, MEIL's success has not been without scrutiny. Various media reports suggest that the company is under the scanner of the Comptroller and Auditor General of India (CAG) for alleged irregularities in the Kaleshwaram Lift Irrigation Scheme (KLIS).
According to a Moneycontrol report, CAG's draft performance audit report highlights discrepancies amounting to billions in payments made to MEIL for various project components.
First Published: Mar 22, 2024 9:52 AM IST
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