Mumbai: In a surprising revelation, Qwik Supply Chain Private Limited, a company with ties to the industrial giant Reliance Industries and based out of Navi Mumbai's Dhirubhai Ambani Knowledge City, has been identified as the third-largest purchaser of electoral bonds, contributing significantly to political party funding.
Between the fiscal years 2021-22 and 2023-24, Qwik Supply Chain reportedly acquired electoral bonds worth a staggering ₹410 crore. Despite the substantial financial involvement, Reliance Industries has categorically denied any subsidiary relationship with the company.
The Election Commission's records indicate that Qwik Supply's bond purchases trail only those of Future Gaming and Hotel Services, a relatively obscure lottery firm, and Megha Engineering & Infra, a Hyderabad-based company, in terms of volume.
Qwik Supply, an unlisted entity known for manufacturing storage solutions, was established on November 9, 2000. It boasts an authorized share capital of ₹130.99 crore and a paid-up capital close to that amount. The company's revenues exceeded ₹500 crore in the fiscal year 2022-23, although its profit figures remain undisclosed. Notably, it allocated ₹360 crore to electoral bonds in 2021-22, despite declaring a modest net profit of ₹21.72 crore for the same period. An additional ₹50 crore was spent on bonds in the subsequent fiscal year.
The governance structure of Qwik Supply includes three directors and key management personnel. Tapas Mitra, who also serves on the boards of multiple other firms, including Reliance Eros Productions LLP and Jamnagar Kandla Pipeline Company Private Limited, is the longest-standing director at Qwik Supply. The latter shares its registration address in Ahmedabad with several other Reliance-affiliated companies.
Vipul Pranlal Mehta and Sridhar Titti are also on the board, with Mehta being associated with several other businesses, including Rel Icons and Traders Private Limited.
In a formal statement, a spokesperson for Reliance Industries reiterated that Qwik Supply Chain Pvt Ltd operates independently of any Reliance-owned entities. This announcement comes amidst transactions involving electoral bonds by other firms linked to individuals with past associations to Reliance, further complicating the intricate web of corporate and political finance.
