Electoral Bonds Data: All You Need To Know About MEIL And Donations Over Rs 960 Crore (image:facebook.com/meilteam.in)
As per the orders of the Supreme Court, Election Commission of India (ECI) on Thursday made the electoral bonds data public. The study of SBI”s bonds data show that Megha Engineering and Infrastructures Limited (MEIL) was the second highest donor. MEIL has purchases bonds amounting Rs 966 cores between 2019 and 2023.
MEIL, popularly known as Megha, is based out of Telangana and its headquarters is in Hyderabad. As per the records, the company has made its first donation in April 2019 and the recent one was in October 2023.
In October 2019, the Income Tax department conducted raids at multiple offices of MEIL in Hyderabad and other cities. On April that year, the firm made its first bond purchase worth Rs. 50 crore and since then company is giving donations.
The SBI data has also revealed that three firms associated with MEIL has also initiated significant contributions to political parties. Three companies include Western UP Power Transmission Company Limited, SEPC Power, and Evey Trans Private Limited and they donated Rs.220 crore, Rs. 40 crore and Rs. 6 crore, respectively. Thus, MEIL and associated companies purchased bonds worth Rs. 1,200 crore.
Established in 1989, MEIL began as Megha Engineering Enterprises. It was founded by Telangana-based industrialist Pamireddy Pitchi Reddy and in 1991, his nephew PV Krishna Reddy joined the company and currently runs the company. In 2006, Krishna Reddy changed the firm”s name to MEIL. Forbes ranked PP Reddy as 54 in Richest Indians list.
MEIL is involved in associating with pivotal Telangana government projects including Kaleswara Lift Irrigation project. Zojila Tunnel near the Himalayas is their another significant project. The firm has also engaged with several initiatives across Asia and has also entered the defence sector as well. In June 2013, Megha Engineering had bagged a Rs 500 crore order from the defence ministry, The Quint reports.
In 2024, MEIL was accused of corruption in the Kaleshwaram Lift Irrigation Project. The Comptroller and Auditor General (CAG) report states that the firm was paid an excess of Rs.5,188.43 crore.
