Vedanta’s FY23 Political Donations Soar to Rs 155 Crore Through Electoral Bonds
In a notable development, Vedanta Limited, a leading multinational mining company headquartered in Mumbai, has emerged as one of the largest contributors to political parties in India. According to recent stock exchange disclosures, Vedanta made a substantial donation of Rs 155 crore through electoral bonds to political parties during the fiscal year 2022-2023 (FY23). This amount exceeds the company’s previous contribution of Rs 123 crore in the preceding financial year.
In a notable development, Vedanta Limited, a leading multinational mining company headquartered in Mumbai, has emerged as one of the largest contributors to political parties in India. According to recent stock exchange disclosures, Vedanta made a substantial donation of Rs 155 crore through electoral bonds to political parties during the fiscal year 2022-2023 (FY23). This amount exceeds the company’s previous contribution of Rs 123 crore in the preceding financial year.
The electoral bond scheme, introduced in 2018 as an alternative to cash donations, allows corporations and individuals to make anonymous contributions to political parties. Under this scheme, the State Bank of India (SBI) is the sole authorized bank to issue and encash these bonds.
Vedanta’s commitment to supporting political parties is evident as the company has donated a total of Rs 457 crore through electoral bonds over the past five years. This significant contribution reflects Vedanta’s dedication to engaging with the political landscape and shaping policy decisions that impact the mining sector and its operations.
The Economic Times (ET) report reveals that between 2018 and 2022, the Bharatiya Janata Party (BJP) received the highest amount, with Rs 5,270 crore, followed by the Congress party with Rs 964 crore. The Trinamool Congress (TMC) also secured a substantial sum of Rs 767 crore during this period.
Vedanta’s increased donation in FY23 suggests its continued commitment to participating actively in the democratic process. The company’s significant financial support to political parties may provide it with a platform to voice its concerns and contribute to policy discussions that shape the mining and natural resources sector.
In its latest annual report, Vedanta highlighted its investment of $1.2 billion in growth capital expenditure (capex) during FY23. Additionally, the company announced plans to invest an additional $1.7 billion in growth projects in the upcoming financial year, FY24. These investments indicate Vedanta’s commitment to expanding its operations and driving economic growth in India.
During the fiscal year, Vedanta Limited emerged as the preferred bidder for several mining licenses, including the Bicholim iron ore block in Goa, Sijimali bauxite and Ghogharpalli coal blocks in Odisha, and Kelwar Dabri in Chhattisgarh. These successful bids further strengthen Vedanta’s position in the mining industry and underline its dedication to responsible and sustainable resource extraction.
It is worth noting that Vedanta Resources (VRL), the UK-based parent company of Vedanta, recently made headlines due to its outstanding payment dues of $4.2 billion. The company has made significant progress by paying off $2 billion of its liabilities by June 2023, with the remaining amount due on January 21, 2024.
As Vedanta continues to navigate the mining sector and expand its operations, its substantial contributions to political parties via electoral bonds signify its active involvement in the democratic process. With its sizable donations, Vedanta seeks to influence policy decisions that affect the mining industry while promoting sustainable growth and development in the country.
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