P Pitchi Reddy is not just another wealthy business magnate; he is a testament to the incredible potential of self-made billionaires. Hailing from Hyderabad, this unassuming man has not only carved a niche for himself in the world of business but has also achieved the remarkable feat of being one of the top wealth generators in the year 2023. According to the 360 ONE Wealth Hurun India Rich List 2023, he stands as the wealthiest figure in the engineering and construction sector, amassing a staggering Rs 24,700 crore in a single year.
Despite his meteoric rise, Pitchi Reddy remains true to his humble beginnings as the son of a farmer. Today, he is renowned as a flamboyant businessperson who resides in a resplendent mansion that resembles a colossal, glistening diamond. This remarkable dwelling has earned its place as a modern-day landmark in Hyderabad, affectionately known as the 'Diamond House.' Moreover, Pitchi Reddy boasts a personal golf course to his name.
Born as the fifth child in a farming family, Pitchi Reddy's ascent to becoming a billionaire with an unimaginable fortune was an ambition few could fathom. His journey commenced in 1989 when he founded Megha Engineering Enterprises, a modest enterprise consisting of only two individuals. His initial projects involved the construction of small pipes for municipal purposes, but with time, he orchestrated a transformation, evolving his company into a major player in substantial infrastructure projects. This spanned an array of ventures, from roads and dams to natural gas distribution networks and lift irrigation projects, including India's most significant endeavour, the Kaleshwaram lift irrigation project, carrying a monumental cost of $14 billion.
Two years after its inception, Pitchi Reddy was joined by his nephew, PV Krishna Reddy, in the business. Krishna Reddy has since taken the reins as the Managing Director and spearheads the operations of Megha Engineering and Infrastructure Limited (MEIL). In a testament to his remarkable achievements, Pitchi Reddy secured a place among India's 100 wealthiest individuals this year, commanding a net worth of Rs 37,300 crore.
