The electoral bonds data shared by the State Bank of India (SBI) on Thursday revealed interesting pool of donors. Published on the Election Commission of India's website on the Supreme Court's order, the top 10 donors are engaged in various businesses ranging from lottery to coal mining and food processing to telecom.
The top donor is lottery company Future Gaming and Hotel Services, with purchasing of whopping Rs 1,368 crore-worth electoral bonds between April 12, 2019 and January 24, 2024. The second-biggest donor is Telangana-based industrial conglomerate Megha Engineering and Infrastructures Ltd. The company purchased electoral bonds worth Rs 966 crore during the time-frame.
Who runs Megha Engineering?
Megha Engineering was founded in 1989 by PP Reddy, who is from an agrarian family. His nephew PV Krishna Reddy took the reigns of the company in 1991 and grew the business over the three decades.
The company initially manufactured pipes for municipalities, and over the decades it grew into an industrial conglomerate. Megha Engineering is known to have been involved in prominent projects in Telangana, most notably the Kaleswaram Lift Irrigation Scheme. Megha Engineering is also known for ventures like the Zojila tunnel and the Polavaram dam.
Company under scrutiny
In October 2019, the company came under scrutiny when the Income Tax department conducted raids on its premises. Following this, the Enforcement Directorate launched an investigation into the company. Megha Engineering has since purchased electoral bonds worth crores.
Interestingly, the Indian government turned down a $1 billion investment proposition from Chinese electric car maker BYD and its Hyderabad-based collaborator MEIL for the establishment of an electric vehicle manufacturing plant.
Who is PV Krishna Reddy?
Born January 1950, PV Krishna Reddy hails from a small village in Andhra Pradesh, India. He earned a Bachelor's degree in Commerce from Andhra University. He then got a Master's degree in Commerce from Madras University.
PP Reddy and PV Krishna Reddy are the 54th wealthiest individuals in India. According to Forbes' 'India’s 100 richest' list for 2023, the two have a combined net worth exceeding $4 billion.
