Electoral Bonds: Not Just Companies, These Individuals Gave Crores to Parties

Among the biggest individual buyers of electoral bonds, we found a bunch of obscure names. Take a look.

Who are Top Individual Donors Who Donated Crores to Parties?

(Made using Midjourney, directed by Naman Shah / The Quint)

The names of the biggest spenders on electoral bonds and the top beneficiary political parties are out in the open. But what's also interesting to see are the top individual donors.

The Big Donors and the Relatively Unknown Ones

1. Laxmi Niwas Mittal: Rs 35 Crore

The Chairman of UK-based steel conglomerate ArcelorMittal, Laxmi Niwas Mittal, is the highest individual donor of electoral bonds. He bought bonds worth Rs 35 crore in April 2019 – that's the period when the Lok Sabha elections were underway in India.

2. Laxmidas Vallabhdas Asmita Mercha: Rs 25 Crore

This individual donated Rs 25 Crore in November 2023.

According to a report by The Reporter's Collective, he is director of at least six companies linked to Reliance’s takeover of the Network18 media conglomerate.

The report, however, identifies him as Laxmidas Vallabhdas Merchant, who is a director in a number of Reliance group companies.

3. KR Raja JT: Rs 25 Crore

Another Rs 25 Crore of electoral bonds were purchased by one KR Raja JT in November 2023. The identity of this individual has not been determined.

4. Rahul Bhatia: Rs 20 Crore

Rahul Bhatia, the promoter of India's biggest airline – IndiGo – is the fourth biggest individual buyer of electoral bonds. Bhatia bought bonds worth Rs 20 crore in April 2021. One of his company, Interglobe Air Transport Limited bought, 11 bonds worth Rs 1 crore each in May 2019, amid the 2019 Lok Sabha elections. While another company, Interglobe Aviation Limited, bought five bonds worth rupees one crore each on 4 October 2023.

5. Inder Thakurdas Jaisinghani: Rs 14 Crore

Chairman and Managing Director of Polycab India, which makes electrical wires and cables, bought bonds worth Rs 14 crore in 2023.

6. Rajesh Mannalal Agrawal: Rs 13 Crore

Rajesh Mannalal Agrawal is Joint Managing Director of Ajanta Pharma, a Mumbai-based internationally-operated pharmaceutical company. He donated Rs 13 crores. Ajanta Pharma, separately as a company, bought three electoral bonds of one crore each in October 2022.

7. Rahul Jagannath Joshi: Rs 10 Crore

Rahul Jagannath Joshi bought bonds of Rs 10 crore. According to the information registered with ministry of corporate affairs, Joshi is serving as a director to a number of private limited companies.

8. Raju Kumar Sharma: Rs 10 Crore

Another obscure individual among the top individual buyers of electoral bonds is Raju Kumar Sharma, who made a donation of Rs 10 crore in January 2020.

9. Harmesh Rahul Joshi: Rs 10 Crore

Harmesh Rahul Joshi made a donation of Rs 10 crore. He seems to be serving as director on the same companies as Rahul Jagannath Joshi – another individual buyer of electoral bonds in this list.

10. Anita Hemant Shah: Rs 8.2 Crore

The identity of Anita Hemant Shah, who made a donation of Rs 8.2 crore in October 2023, could also not be ascertained.