Reliance-linked Qwik Supply 3rd largest electoral bond buyer

New Delhi: Qwik Supply Chain Private Limited, a little-known company with registered address at Navi Mumbai’s Dhirubhai Ambani Knowledge City (DAKC) and having links to Reliance Industries, was the third largest donor to political parties using electoral bonds.

It bought Rs 410 crore of electoral bonds between financial years 2021-22 and 2023-24 but Reliance said the company is not a subsidiary of any Reliance entity. Electoral bond purchases and donations by Qwik Supply were behind Rs 1,368 crore of Future Gaming and Hotel Services - another little-known lottery company - and Rs 966 crore of Hyderabad-based Megha Engineering & Infra, according to information uploaded by the Election Commission on its website. Publicly available information describes Qwik Supply as a manufacturer of warehouses and storage units.

The unlisted private company was incorporated on November 9, 2000 with an authorised share capital of Rs 130.99 crore. Its paid-up capital is Rs 129.99 crore. The firm had a revenue of over Rs 500 crore in 2022-23 (April 2022 to March 2023) but profit numbers were not known. It bought electoral bonds worth Rs 360 crore in 2021-22 to give away to political parties. In the same year, its net profit was only Rs 21.72 crores. It bought another Rs 50 crore worth of bonds in the financial year 2023-24. The company has three directors and one reported key management personnel. The longest serving director currently on board is Tapas Mitra - who incidentally also sits on the board of 25 other companies - was appointed on November 17, 2014.