The Aryavarth Express
Agency(New Delhi): In a revealing update from India’s political financing landscape, Qwik Supply Chain, an entity that procured electoral bonds amounting to $50 million for political contributions, is connected to the conglomerate owned by billionaire Mukesh Ambani, Reliance Industries. This connection was unveiled through regulatory documents, amidst broader disclosures by India’s Election Commission concerning the identities of electoral bond purchasers.
Electoral bonds, enabling anonymous, unlimited political donations, were introduced in 2018 but were recently deemed “unconstitutional” by the Supreme Court of India on February 15. The court criticized the scheme for facilitating business-driven contributions aiming at garnering advantages in return.
Qwik Supply Chain emerged as a notable participant in this scheme, ranking as the third-highest donor behind Future Gaming and Megha Engineering, according to the Election Commission’s data. Although the released information delineates the donors, the specific political parties benefiting from these donations remain undisclosed, fueling debates over corporate influence in Indian politics and the potential for quid pro quo arrangements.
Based near Mumbai, Qwik Supply Chain’s substantial electoral bond investments in 2022 and 2023 were highlighted through the Election Commission’s recent transparency initiative. Further scrutiny of Qwik’s financial statements for the fiscal year ending March 2023 revealed that a trio of entities associated with Reliance — Reliance Group Support, Reliance Fire Brigade, and Reliance Hospital Management — collectively hold a majority stake in Qwik Supply Chain.
Despite Reliance Industries’ statement dismissing Qwik as a subsidiary, the linkage between the companies is evident through shared office locations and the corporate roles of individuals involved in Qwik’s regulatory communications.
This disclosure brings to light the intricate relationships and financial dealings within India’s corporate sector, especially as they pertain to political funding. Qwik, described as a logistics arm operating closely with Reliance’s retail division, reported a revenue of 157 billion rupees ($1.9 billion) for the year ending March 2023.
The electoral bond scheme’s transparency, or lack thereof, has been a point of contention, with Prime Minister Narendra Modi’s Bharatiya Janata Party being the largest beneficiary, receiving 55% of the total bonds issued from 2018 to 2024. The involvement of prominent corporations like Vedanta and Bharti Airtel as top buyers further underscores the scheme’s impact on India’s political finance dynamics, now under renewed scrutiny following the Supreme Court’s ruling.
