Vedanta donated ₹155 crore to political parties in FY23

Anil Agarwal-promoted Vedanta Ltd subscribed electoral bonds to donate ₹155 crore to the political parties in FY23, according to the stock exchange disclosures. In the last five years, including last fiscal year, the metal and mining maker has donated ₹457 crore to political parties through these bonds.

The electoral bond scheme was launched in 2018 as an alternative to cash donations made to the political parties. It provides for anonymous funding by individuals or corporates to political parties. Government-owned State Bank of India is the only bank authorised to issue and encash electoral bonds through its authorised branches. Between 2018 and 2022, the ruling party BJP received ₹5,270 crore as donation, opposition party Congress received ₹964 crore while Trinamool Congress received ₹767 crore through electoral bonds

Vedanta's donation in FY23 was higher than ₹123 crore in FY22, as per the stock exchange disclosures by the company.


In its latest annual report, Vedanta stated that it has invested $1.2 billion via growth capex in FY23 and is 'committing another $1.7 billion in FY24 towards growth projects.' The company also stated that its oil and gas operations account for nearly one-quarter of India's production and is aiming to gain 50% share in future.

During FY23, Vedanta Ltd has been declared as the preferred bidder for various mining and composite licences, namely Bicholim iron ore block in Goa, Sijimali bauxite and Ghogharpalli coal blocks in Odisha, Ghanpur Mudholi for copper, and iron blocks in Sasoli in Maharashtra and Kelwar Dabri in Chhattisgarh.

Vedanta Resources (VRL), the UK-based parent company of Vedanta, was in the media glare for $4.2 billion payment dues this fiscal year. The company has paid $2 billion of its liabilities until June 2023. The remaining $2.2 billion comprises $1 billion bonds bearing interest of 13.875% due on January 21, 2024, and $1.2 billion is principal and interest payments on loans.