Vedanta Donation: Indian multinational mining company Vedanta Limited has donated in a big way. The headquarter of Vedanta is in Mumbai. As per the company’s stock exchange disclosure, it donated Rs 155 crore to political parties in FY23 through electoral bonds. According to a report in The Economic Times (ET), in the last five years the company has donated Rs 457 crore to political parties through these bonds.
Vedanta’s donations in FY23 have been higher than those in FY22 by Rs 123 crore, according to the stock exchange disclosures by the company. The Electoral Bond Scheme was launched in 2018 as an alternative to cash donations to political parties.
State Bank of India (SBI) is the only authorized bank in India to issue and encash these bonds. Between 2018 and 2022, the Bharatiya Janata Party (BJP) received Rs 5,270 crore in donations, the Congress Rs 964 crore and the Trinamool Congress (TMC) Rs 767 crore, ET reported.
In its latest annual report, Vedanta said it has invested $1.2 billion through growth capex in FY23 and is ‘investing $1.7 billion for growth projects in FY24’.