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.
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