Gujarat cos bought poll bonds worth Rs 561 crore

AHMEDABAD: The second tranche of data on electoral bonds released by the Election Commission of India (ECI) sheds light on the buyers of these bonds and the top political parties benefitting from them. A comprehensive analysis of the data conducted by TOI reveals that 55 companies from Gujarat collectively purchased electoral bonds worth Rs 561 crore, which were then donated to 12 different political parties across India.

The BJP, the incumbent party in Gujarat for nearly three decades, emerged as the largest beneficiary, receiving Rs 459.5 crore, or approximately 82%, of the total poll bond purchases made by Gujarat firms.The remaining 18% were distributed among 11 parties, including the Indian National Congress (INC), Shiv Sena, All India Trinamool Congress (TMC), Biju Janata Dal (BJD), Jharkhand Mukti Morcha (JMM), Bharat Rashtra Samithi (BRS), Samajwadi Party (SP), Nationalist Congress Party (NCP), Aam Aadmi Party (AAP), Sikkim Krantikari Morcha (SKM) and Sikkim Democratic Front (SDF).
Following the BJP, the INC emerged as the second-largest beneficiary, receiving Rs 49.9 crore. Political analysts suggest that INC receiver fewer donations due to its declining seat share in the state. “Various corporates here have a presence in different states. In accordance with their business interests, companies have purchased poll bonds of the political parties in those states,” an analyst said.
A huge portion (87.4%) of the purchases, totalling Rs 461.47 crore, were made by companies in five key sectors: infrastructure and realty (Rs 165.25 crore), pharmaceuticals (Rs 148.2 crore), energy and power (Rs 111.5 crore), textiles (Rs 36.519 crore) and pipe manufacturing (Rs 29.5 crore). Notable contributors include the Torrent Group, Welspun Group, Safal Goyal Realty LLP, LCC Projects Private Limited, Zydus Healthcare Limited and Intas Pharmaceuticals.
The Torrent Group, comprising Torrent Power and Torrent Pharma, led the way with a substantial purchase of Rs 184 crore of bonds. Following closely behind was the Welspun Group, encompassing Welspun Corp, Welspun Enterprises, Welspun India, and Welspun Living, contributing approximately Rs 55 crore. Additionally, Safal Goyal Realty LLP bought electoral bonds worth Rs 35 crore while LCC Projects Private Limited followed suit with a contribution of Rs 31.5 crore. Zydus Healthcare Limited and Intas Pharmaceuticals contributed significantly, with Rs 29 crore and Rs 20 crore, respectively.
Interestingly, two major parties from Sikkim, SKM and SDF, received Rs 15.5 crore through electoral bonds from Gujarat companies. Analysts attributed this to the presence of Gujarat pharma companies in Sikkim. The total donations surpassed the amount of Rs 8.3 crore received by AAP, which also has a presence in Gujarat. Similarly, TMC received Rs 1.5 crore through bond purchases by Gujarat firms.
In Nov 2022, ahead of the state assembly polls, several players in Gujarat’s textile industry purchased electoral bonds in huge numbers. This included textile conglomerates like Arvind Limited and various cotton spinning mills in Saurashtra, indicating the industry’s active involvement in political funding.
(With inputs from
Himanshu Kaushik)