Hyderabad: In an acknowledgement of the ultimate kind, the evolution and growth of Megha Engineering and Infrastructure Ltd (MEIL), and in particular its accomplishment of India's largest lift irrigation project Kaleshwaram, has been featured in an exclusive article in the Collectors’ Edition-2019 commemorative edition published by the elite Forbes India magazine.
Achieving the distinction, with a special feature headlined, ‘Megha Builder,' has been PP Reddy, Chairman of MEIL, whose rise has been phenomenal when taken under any yardstick. The edition features him in the success story category that stands testimony to the man’s business acumen, which helped rise from as a small manufacturer of pipes in 1987 to the exalted status of running a $14 billion conglomerate, which has ventures across the globe, including Jordan, Kuwait, Tanzania and Zambia. With an estimated $3.3 billion wealth, Mr Reddy is ranked at No 39 place in the list of Indian billionaires for 2019.
Written alongside a picture of Mr Reddy and MEIL Managing Director PP Krishna Reddy, and highlighting that it is a debt-free entity, Forbes mentions that MEIL successfully completed India's largest lift irrigation project. MEIL is presently one of the most prominent infrastructure, procurement and construction companies.
According to the piece, Kaleshwaram project enhanced the net profit of MEIL to Rs3,100 crore for 2018-19 financial year from Rs2,350 crore in the previous fiscal. Mr Reddy's net worth rose six per cent to $3.3 billion that pushed his rank from 47 to 39 in the Forbes list of richest Indians. He also figures in the IIFL Wealth Hurun Indian Rich List-2019, and tops the list of richest persons in the construction category.
Meanwhile, Telangana also moved up in the list of richest persons, as the India's 29th state has 68 billionaires in 2019 as against 19 in 2018.