Vedanta donated Rs 155 cr to political parties via electoral bonds in FY23

Vedanta's donation in FY23 was higher than Rs 123 crore in FY22; between 2018 and 2022, the BJP received Rs 5,270 crore, and the Congress received Rs 964 crore through electoral bonds

Vedanta Limited, a multinational mining company headquartered in Mumbai, subscribed electoral bonds to donate Rs 155 crore to political parties in FY23, according to the stock exchange disclosures.

In the last five years, the company has donated Rs 457 crore to political parties through these bonds, according to a report in The Economic Times (ET).

Vedanta’s donation in FY23 was higher than Rs 123 crore in FY22, according to stock exchange disclosures by the company.

The electoral bond scheme was launched in 2018 as an alternative to cash donations made to political parties.

The State Bank of India (SBI) is the only authorised bank in India to issue and encash these bonds.

 

Between 2018 and 2022, the Bharatiya Janata Party (BJP) received Rs 5,270 crore as donation, the Congress received Rs 964 crore, and the Trinamool Congress (TMC) received Rs 767 crore through electoral bonds, according to the ET report.

In its latest annual report, Vedanta said that it has invested $1.2 billion via growth capex in FY23 and is "committing another $1.7 billion in FY24 towards growth projects".

During FY23, Vedanta Limited has been declared as the preferred bidder for various mining licences, namely Bicholim iron ore block in Goa, Sijimali bauxite and Ghogharpalli coal blocks in Odisha, and Kelwar Dabri in Chhattisgarh.

Vedanta Resources (VRL), the UK-based parent company of Vedanta, was in the media glare for $4.2 billion payment dues this fiscal year. The company has paid $2 billion of its liabilities until June 2023, and the remaining amount is due on January 21, 2024.