PP Reddy falls under the enviable “self-made” category in the growing list of Indian billionaires. Equally flamboyant and humble, Reddy lives in a house that couldn’t look more like a diamond but he is the first one to call the success of his venture a joint effort. From starting a small company with just two people back in 1989, PP Reddy is today the Chairman of Rs 26,700 crore Megha Engineering and Infrastructure Limited (MEIL).
Born the fifth child of a farmer, Reddy was not destined to call himself a billionaire. However, PP Reddy was ambitious and knew only one word once he started his own business. His nephew PV Krishna Reddy, who now leads the business empire as MD, joined him two years later in 1991 after completing his graduation. Together, they expanded the company to new horizons in an industry filled with giants.
PP Reddy's 'Diamond House' in Jubilee Hills, Hyderabad | Photo: Wikimedia CC
Founded as Megha Engineering Enterprises, Reddy’s company went from constructing small pipes for municipalities to developing massive infrastructure projects, from roads to dams, natural gas distribution networks and lift irrigation projects. His company is building India’s largest Kaleshwaram lift irrigation project, which will enable 5.7 crore cubic metres of water supply daily to dry areas of Telangana from the Godavari river. The project has a staggering cost of $14 billion. Reddy dubbed it as akin to “moving a river”.
MEIL is among the top 10 most valued bootstrapped companies of India with a valuation of Rs 26,700 crore, as per Burgundy Private Hurun India 500. 34 years after starting out a small venture, PP Reddy today has a net worth of over Rs 17,220 crore ($2.1 billion), as per Forbes real-time rich list.
From humbling beginnings in a farming family, Reddy today owns his personal golf course. He also built his palatial residence as one of Hyderabad’s modern-day landmarks, the house made of glass to look like a sparkling diamond. He believes building trust is important to grow in life. Reddy advises people to work hard to win the trust of everyone and ensure you keep it that way once you have it.
