In New Delhi, Qwik Supply Chain Private Limited, a lesser-known entity domiciled within the precincts of Navi Mumbai’s Dhirubhai Ambani Knowledge City (DAKC), and with affiliations to Reliance Industries, emerged as the tertiary most significant contributor to political factions through the avenue of electoral bonds.
The procurement of electoral bonds by this entity amounted to Rs 410 crore within the financial intervals spanning from 2021-22 to 2023-24. However, Reliance clarified that this establishment does not operate under its corporate umbrella.
Qwik Supply’s acquisitions of electoral bonds surpassed those of Future Gaming and Hotel Services, a relatively obscure lottery enterprise, accumulating to Rs 1,368 crore, and also outstripped the investments made by Megha Engineering & Infra, headquartered in Hyderabad, totaling Rs 966 crore, as per disclosures by the Election Commission accessible via its online platform.
Publicly available sources delineate Qwik Supply as a fabricator of warehouses and storage facilities. This unlisted private enterprise was established on November 9, 2000, with an authorized share capital of Rs 130.99 crore, out of which Rs 129.99 crore has been subscribed.
During the fiscal year 2022-23 (spanning April 2022 to March 2023), the company boasted a revenue exceeding Rs 500 crore, although precise profitability figures remain undisclosed. In the fiscal year 2021-22, the company procured electoral bonds worth Rs 360 crore for dispensation to political entities, notwithstanding a meager net profit of merely Rs 21.72 crore within the same period. Further acquisitions amounting to Rs 50 crore in electoral bonds were made in the financial year 2023-24.
The corporate structure consists of three directors and one designated key management personnel. Amongst them, Tapas Mitra, the most tenured director presently serving, assumed office on November 17, 2014. Mitra concurrently holds directorial positions in 25 other corporations, including partnership entities like Reliance Eros Productions LLP and corporate entities such as Jamnagar Kandla Pipeline Company Private Limited.
Jamnagar Kandla Pipeline, registered in Ahmedabad and sharing an address with other Reliance entities like Reliance Paging Private Limited, Jamnagar Ratlam Pipeline Private Limited, Reliance Tankages Private Limited, and Reliance Oil and Petroleum Private Limited, is one such corporate entity.
Vipul Pranlal Mehta, a member of Qwik’s board since December 10, 2019, also serves as a director in eight other companies, including Rel Icons and Traders Private Limited.
The most recent addition to the directorial cadre is Sridhar Titti, who assumed office on November 27, 2023. In response to a comprehensive inquiry, a spokesperson for Reliance Industries asserted, “Qwik Supply Chain Pvt Ltd maintains no subsidiary relationship with any Reliance entity.”
Nexg Devices Pvt Ltd, an entity associated with Surender Lunia, procured electoral bonds valued at Rs 35 crore in May 2019 and November 2022. Another entity linked to Lunia, Infotel Business Solutions, acquired electoral bonds worth Rs 15 crore in May 2019. Lunia facilitated the sale of a 29.18 percent stake in NDTV, held by Reliance-affiliated entities, to the Adani Group.