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Megha MD seeks $700 million for uncle stake buyout
The Hindu BusinessLine··31 Aug
Megha Engineering managing director PV Krishna Reddy is seeking about $700 million in private credit to buy uncle Pamireddy Pitchi Reddy's stake, Bloomberg reported. Krishna Reddy owns 57 percent; Pitchi Reddy holds 43 percent as executive chairman. Davidson Kempner, Elham Credit Partners and Varde Partners began preliminary financing work. Terms are not final and could still change.
Prism
What It Means For You
- If completed, the deal would rank among India's largest private credit transactions this year.
- It would be just under half of the $1.6 billion Shapoorji Pallonji Group raised last month.
- Megha representatives and two of the named lenders did not comment to Bloomberg.
What's Happening
- People familiar with the matter said financing structure work has started but remains private.
- EY data cited in the report put India private credit investments at $3.5 billion in the first half of 2026.
- Moody's said India's private credit sector reached about $25 billion in assets under management by end-2025.
How Large The Market Is
- First-half 2026 private credit deal flow was less than half of the $9 billion a year earlier.
- That earlier period included a $3.1 billion Shapoorji Pallonji refinancing.
- Megha, founded in 1989 in Hyderabad, lists projects across tunnels, ports, highways, water and power.
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