MEIL to pump in Rs 40,000 crore capex in 3 years, eyes Rs 2 lakh crore topline in 5 years

Hyderabad: Megha Engineering & Infrastructures Limited (MEIL) Group will be investing up to Rs 40,000 crore in the next two to three years towards capital expenditure, aiming to achieve a topline of Rs 2 lakh crore in five years, a top executive of the infra major has said.

PV Krishna Reddy, Managing Director of MEIL, also said the group is aiming to take some of its subsidiaries to an Initial Public Offering every couple of years, with the first one being Evey Trans Pvt Ltd, followed by the Defence vertical and Gas Distribution and so on.

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Evey Trans is the only 100 per cent electric bus operator in India. Established in 2018, the company successfully operates e-buses in multiple cities like Mumbai, Pune, Surat, Silvassa, Goa, Hyderabad, Dehradun and Nagpur.

"Last year, the entire Group did around Rs 60,000 crore. This year we are expecting Rs 80,000 crore. We aim to achieve Rs 2 lakh crore topline in the next five years, the entire group including new businesses," Krishna Reddy told PTI in an exclusive interview.

Reddy said the flagship company MEIL constitutes around 60 per cent of the overall topline of the Hyderabad-headquartered conglomerate, and going forward, other verticals such as green energy, electric vehicles and others are expected to catch up.

"We are planning to invest Rs 30,000 crore to Rs 40,000 crore in the next two to three years depending on the requirements. We are concentrating more on new innovative technologies, Innovative businesses like cell and battery manufacturing and physical intelligence," he said.

MEIL group recently announced a JV with Abu Dhabi-based Analogue in the field of Physical Intelligence and that the joint venture firm committed to invest USD 300 to USD 500 million in the next five years.

On EV mobility, he said Olectra Greentech Ltd, a Group company, has a manufacturing facility in Telangana with a capacity to produce 10,000 electric buses annually. Currently, it produces over 4,000 with a pending order book of 8000 to 10,000.

Krishna Reddy said there are plans to set up more manufacturing units at two locations and negotiations are at various stages with some states.

"Whoever offers good incentives, whichever state is proactive, we will consider them (for setting up plants)," he said, adding the same principle applies to other proposed manufacturing facilities.

MEIL Group has about 13 verticals in various sectors ranging from construction to defence manufacturing to eclectic busses manufacturing and operating.

The group is also into city gas distribution with 10 million connections and Offshore and onshore rig manufacturing.

Without elaborating, Reddy said MEIL is in discussions with an electric car manufacturer to set up a plant in India as the demand for EVs is ever rising.

The group has about 40,000 direct employees while indirectly supporting three lakh personnel.