Donor No. 2 gets key Govt projects, BJP encash maximum

Hyderabad-based Megha Engineering & Infrastructure Ltd (MEIL) was awarded large infrastructure projects by government departments and public sector undertakings (PSUs) either just before or immediately after purchasing electoral bonds. A majority of these bonds were redeemed by the ruling Bhartiya Janta Party (BJP). MEIL is the second largest buyer of bonds after Future Gaming. The Company, promoted by Pamireddy Pichi Reddy and PV Krishna Reddy, purchased bonds worth Rs. 966 crore.

An article, published in The Indian Express, based on an analysis of bond issuance and redemption data made public by the Election Commission of India, shows that five major projects MEIL bagged between 2019 and 2023 when the company bought bonds and a sizeable chunk of those bonds were redeemed by the BJP.

In another four instances, though the company did buy electoral bonds around the time it was awarded contracts, the bonds were redeemed by political parties that were not ruling the government at the center or of the state whose undertaking awarded the contract. In all, there were nine instances of MEIL purchasing electoral bonds around the time—up to a couple of months before or after—of winning contracts.

MEIL purchased bonds regularly between April 2029And October 2023. Of its total electoral bonds purchases of Rs 966 crore, the maximum –Rs 584 crore-went to BJP. The BRS redeemed Rs 195 crore worth of bonds bought by MEIL, followed by the  DMK with Rs 85  crore worth. Other political parties that received funds from MEIL, through electoral bonds included the YSR Congress, Telugu Desham Party, Congress, Janta Dal (united), Janta Dal (secular), and Janasena Party.

Some of the major projects, MEIL bagged are—Rs 14,400 crore Thane-Borivali twin tunnel project, the $648 million Mongolia Refinery project, Rs 3,200 crore HPCL-Rajasthan Refinery, Rs 300 crore civil work contract in Mangalore and RS 4,700 crore Zojila tunnel contract. It is to be noted that MEIL won two more contracts around Rs, 800 & 5000 crores from HPCL Rajasthan Refinery between October 2020 and August-September 2021. For this, the company bought Rs 130 crore worth of electoral bonds, of which, Rs 100 crore were redeemed by the Bharat Rashtra Samiti.