India unveils data on now-banned election bonds ahead of poll dates

Airtel, Vedanta among donors; revelations not expected to shake Modi's grip

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A political bonds program launched by Indian Prime Minister Narendra Modi in 2018  has benefited his ruling Bharatiya Janata Party more than any other party. © Reuters

KIRAN SHARMA and SAYAN CHAKRABORTY, Nikkei staff writers

NEW DELHI/BENGALURU -- India's Election Commission has released a list of political donors under a political bonds program recently deemed "unconstitutional," just before an announcement of the country's general election dates.

Among the prominent companies on the list are big pharmaceutical groups Dr. Reddy's Laboratories and Sun Pharma; mining conglomerate Vedanta; and major telecom player Bharti Airtel. Lesser-known lottery company Future Gaming and Hotel Services was the largest donor, having secured bonds worth about 13.7 billion rupees ($165.3 million) from April 2019 to January 2024. The data does not connect the donors with specific parties.

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