Latest news with #MeghaEngineeringandInfrastructureLtd
India.com
6 hours ago
- Business
- India.com
Family settlement finalized! this person to acquire 51% stake of…, for Rs 150000000000, he is…, business is…
Megha Engineering and Infrastructure Ltd (MEIL) is India's one of big privately-owned infrastructure companies. It is about to restructure ownership, according to a report by The Economic Times . Citing sources, the report stated that the founding partners, uncle-nephew duo PV Krishna Reddy and Pamireddy Pitchi Reddy, are finalizing a family settlement. As part of the agreement, Krishna Reddy is set to acquire his uncle's controlling stake in the group. Three decades ago the two started their business with small pipes for municipalities. They made it a $5-billion, privately held infrastructure conglomerate. Now PV Krishna Reddy will buy out uncle Pamireddy Pitchi Reddy's controlling interest in it. Krishna Reddy is in talks with financial institutions to raise around Rs 12,000-15,000 crore to buy out his uncle's 51% stake in the holding company. Krishna Reddy owns the remaining 49% stake. This will be the major ownership transfer in India's one of biggest Infra companies. According to the report, the services of a former chief justice of India were taken to finalise the terms of settlement. Now they have formalised it and agreed upon the valuations. The deal is supposed to be wrapped up by March 2027. Krishna Reddy is also trying to raise part of the funds from private structured credit like Kotak Alternate Asset Managers, Varde and Farallon. At the same time he is also in discussions with global banks like Deutsche Bank. Megha City Gas Pvt Ltd is operational in 62 districts like Punjab, Maharashtra, Madhya Pradesh, Andhra Pradesh and Tamil Nadu. Now negotiations are going on with some of the largest global funds to divest the city gas unit. A deal is not yet finalized. A payment schedule for the Rs 15,000 crore settlement amount but only Rs 1,000 crore has been paid so far, claims report.
Hans India
24-04-2025
- Business
- Hans India
MEIL secures Rs 12,800 cr EPC contract from NPCIL
Hyderabad: Megha Engineering and Infrastructure Ltd (MEIL) has formally received the purchase order for a Rs 12,800 crore EPC contract from the Nuclear Power Corporation of India Limited (NPCIL) to construct two 700 MWe nuclear reactors—Kaiga Units 5 and 6, in Karnataka. This is the biggest-ever order placed by NPCIL and marks MEIL's first major step into the nuclear energy sector. The order was formally handed over at NPCIL's Mumbai headquarters to Ch P Subbaiah, Director, MEIL (Projects), and his team. For the first time, NPCIL used the Quality-cum-Cost-Based Selection (QCBS) method for awarding this project—striking a careful balance between quality and cost. Competing with industry giants like BHEL and L&T, MEIL was chosen for its strong technical approach and competitive pricing.
India Today
22-04-2025
- Business
- India Today
Chandrababu Naidu's poverty panacea
(NOTE: This article was originally published in the India Today issue dated April 28, 2025)Ugadi, the Telugu New Year, is regarded as an auspicious time for new beginnings. And that's the day Andhra Pradesh chief minister N. Chandrababu Naidu chose to unveil an ambitious plan—part of his Swarna Andhra 2047 vision—which he claims could redefine poverty alleviation. The Zero Poverty-P4 initiative, launched on March 30, is a bold experiment in inclusive growth, enlisting the wealthiest 10 per cent of the population to support the bottom 20 per cent. The goal is sweeping: a poverty-free Andhra Pradesh by the heart of P4—short for Public-Private-People Partnership—is a structured mentorship programme. Affluent individuals, called 'Margadarsis' (mentors), will be encouraged to 'adopt' underprivileged families, designated as 'Bangaru Kutumbams' (golden families). These partnerships, facilitated by the government, go beyond financial aid. Margadarsis—expected to be from among the high-net worth individuals at home and the Telugu diaspora—can offer career guidance, help with financial decision-making, provide access to professional networks or even chip in with tuition fees or working capital. Those with limited time can help by contributing funds for education, healthcare or infrastructure for beneficiaries at the individual, family or village level. 'So far, charitable efforts have been individual [driven], while the government has introduced Corporate Social Responsibility (CSR). But this initiative is unique as it provides an institutionalised platform for direct interaction between Margadarsis and Bangaru Kutumbams,' says The first phase has already begun. Two Bangaru Kutumbams were introduced to three prominent Margadarsis—Megha Engineering and Infrastructure Ltd (MEIL) managing director P.V. Krishna Reddy, Greenko CEO Anil Kumar Chalamalasetty and entrepreneur Sajjan Kumar Goenka. The families spoke about their struggles, particularly their inability to fund their children's education. Reacting to this, Krishna Reddy revealed that he had already surveyed a mandal in Krishna district and was prepared to adopt it in its entirety. This is just the start. The government has identified two million of the state's most deprived families for inclusion in the programme, with more to be added later. The immediate goal is to facilitate the 'adoption' of 500,000 of them by August 15. While the government will structure the initiative and ensure transparency through digital dashboards, it has kept itself out of financial transactions. Margadarsis are free to choose the families they wish to support, and once both parties are comfortable, government personnel will facilitate their interaction. The initiative is being positioned as a transformative model, one that could redefine poverty alleviation in India. To ensure long-term impact, the state is also working on improving the delivery of basic amenities—providing house sites, sanitation, LPG connections, reliable power, high-speed internet, and even incentives for entrepreneurship. A 'P4 Society' with Naidu as its chairperson and deputy CM Pawan Kalyan as vice-chairperson is being established to oversee statewide implementation, with chapters at the district, assembly constituency and village secretariat levels. These will comprise industry leaders, philanthropists, CSR heads and civil society organisations as well. Naidu has high expectations. 'So far, no plan of mine has failed,' he asserts. 'By next Ugadi, we will assess progress and, by 2029, Margadarsis should uplift all Bangaru Kutumbams out of poverty through a structured and scalable model.'But the initiative has also sparked debate. While Naidu presents P4 as a 'game-changer', critics see it as an abdication of state responsibility. The opposition Yuvajana Sramika Rythu Congress Party (YSRCP) has dismissed it as an extension of Naidu's pro-privatisation stance. 'Naidu's P4 initiative is aimed at avoiding responsibility and masking his inability to fulfil the 'super six' poll promises,' says YSRCP leader A. Rambabu. 'The man who claimed to create wealth now entrusts poverty alleviation to the wealthy, exposing his manipulative politics.'advertisementOthers see merit in the approach but caution against its challenges. 'Naidu has set high expectations as a visionary. But achieving zero poverty is easier said than done,' says B.V. Muralidhar, a political scientist at Sri Venkateswara University, Tirupati. 'It's not easy to achieve, considering the diverse stand of political parties.' The scale and ambition of P4 are unprecedented, but whether it thrives or flounders will depend on sustained engagement from the private sector and civil society. If successful, it could establish Telugu people as 'global role models in philanthropy', in Naidu's words. If not, it risks becoming another well-intended but impractical policy, lost in the complexities of political and economic to India Today MagazineMust Watch
