At least 4 Kolkata Companies in Top 10 Electoral Bond Donors List |  News from India

At least 4 Kolkata Companies in Top 10 Electoral Bond Donors List | News from India

At least four Kolkata-based companies – Haldia Energy Limited, Essel Mining and Industry Limited, Keventer Foodpark Infra Limited and Madanlal Limited – figure in the list of top 10 electoral bond donors.

After the Bharatiya Janata Party (BJP), West Bengal’s ruling Trinamool Congress is the second-largest recipient of political donations through electoral bonds, according to data released by the Election Commission of India (ECI) on Thursday.

Click here to follow our WhatsApp channel

In addition, not only leading firms, but also many smaller, relatively lesser-known entities in the City are the main buyers of corporate bonds, the data show. Company information available through the Registrar of Companies and private corporate information portals such as Zaubacorp shows that many do not even have a clear list of companies.

Industry majors lead the rankings.

With receipts worth Rs 377 crore, Haldia Energy Limited is the fourth largest buyer of corporate bonds in India. Part of the RP-Sanjiv Goenka Group, the power company operates two 300 megawatt (Mw) coal-fired thermal power plants in Haldia and supplies its power to CESC Limited, the distribution licensee in the city of Kolkata.

The company has been consistently buying bonds since May 2019, on at least 15 separate occasions, the data show.

Sixth on the national list, Kolkata-based Essel Mining & Industries Limited, part of the $60 billion global conglomerate Aditya Birla Group, has meanwhile bought bonds worth Rs 224.5 crore on five separate occasions since April 2019.

Lesser known big wasters

Apart from leading business groups, there are various small firms that have committed hundreds of crores for election bonds.

A certain Madanlal Limited has spent 185.5 crore rupees on bonds. The company is involved in the buying and selling of securities and the real estate sector, its website says. It has cross-ownership with the MKJ Group of Companies and another major distributor on this list, the Keventer Group. Including Madanlal Limited, four different entities associated with the Keventer group, which calls itself the largest FMCG company in eastern India, have spent a total of more than Rs 600 crore.

MKJ Group, which has cross-ownership with the aforementioned corporations, has itself bought

128 crore worth of bonds. The company’s website states: “It has been trading in stainless steel for over a decade, doing a significant in-house business.”

Countless financial agencies that lack a clear business description and online presence have been involved in political donations. Merchandising firms, export-import trading, financing and investment agencies, all headquartered in Kolkata, have opted for elective bonds, albeit largely in small quantities. Transways Exim Private Limited, a liquor and restaurant company, bought bonds worth Rs 47 crore. According to the company’s Linkedin profile, its portfolio of spirits brands includes local favorites Calcutta Gin, Emboss Whiskey and Rock Rum, among other brands. It is also a franchise partner for restaurant brands such as PAPAYA and Modern Asian Bistro in the city.

City-based, 10-year-old Westwell Gasses Private Limited bought bonds worth Rs 28.5 crore. The company is involved in the production, processing and canning of meat, fish, fruit, vegetables, oils and fats, according to Zaubacorp.

Also based in the city, bulk cargo handler Ripley Stevedoring and Handling Pvt Ltd has purchased Rs 11.5 crore electoral bonds. According to the company’s website, it handles and transports around 25 million tonnes of various commodities (steel, iron ore, coal, coke, limestone, fertilisers) annually at Haldia, Paradip and Vizag ports.

In July, MV Ripley Pride, a bulk carrier, became the first vessel chartered by Gujarat International Finance Tec-City (GIFT City). ABC India Ltd, one of the country’s oldest road logistics companies, bought bonds worth Rs 40 lakh. An equal amount of funds was spent on bonds by VPL Oil Marketing Pvt Ltd, incorporated in 2004.

Leave a Comment

Your email address will not be published. Required fields are marked *