Four entities within the Keventer group, an FMCG conglomerate headquartered in Kolkata, together bought electoral bonds worth Rs 617 crore, making Keventer one of largest corporate contributors to political parties through such bonds. These entities are part of the Keventer group, led by its flagship company Keventer Agro Ltd, which sells packaged food and beverages, dairy and branded bananas, under the Keventer and Metro brands.
In 2017, the West Bengal govt divested its 47% stake in Metro Dairy, a dairy firm, to Keventer Agro.This stirred controversy, particularly when the group subsequently sold approximately 15% of its shares to a Singapore-based private equity firm at a notably higher price. In 2018, senior Congress leader and MP from West Bengal Adhir Ranjan Chowdhury filed a PIL in Calcutta High Court alleging that the state govt had undervalued Metro Dairy during the divestment process. He claimed the govt incurred a loss of at least Rs 500 crore and demanded an investigation. The Enforcement Directorate initiated a preliminary inquiry into the matter same year. In April 2019, the Keventer group began contributing to political parties through electoral bonds. Subsequently, in March 2021, media reports said the ED conducted raids on premises associated with the group.
Out of the total electoral bond purchase of Rs 617 crore, Keventer Food Park Infra Ltd acquired bonds worth Rs 195 crore in three separate transactions conducted between April and May 2019. Keventer Food Park donated Rs 380.5 crore in 2019 and the rest in 2022 and 2023. Worth noting is that the company’s (Keventer Food Park Infra Ltd) total profit in 2019 before taxes was Rs 1.84 crore. Madanlal Ltd, a group company, purchased bonds worth Rs 185 crore between May 8 and 10, 2019. MKJ Enterprises purchased bonds worth Rs 192.4 crore and Sasmal Infrastructure for Rs 44 crore, as per the data released by the Election Commission on Thursday.
In 2017, the West Bengal govt divested its 47% stake in Metro Dairy, a dairy firm, to Keventer Agro.This stirred controversy, particularly when the group subsequently sold approximately 15% of its shares to a Singapore-based private equity firm at a notably higher price. In 2018, senior Congress leader and MP from West Bengal Adhir Ranjan Chowdhury filed a PIL in Calcutta High Court alleging that the state govt had undervalued Metro Dairy during the divestment process. He claimed the govt incurred a loss of at least Rs 500 crore and demanded an investigation. The Enforcement Directorate initiated a preliminary inquiry into the matter same year. In April 2019, the Keventer group began contributing to political parties through electoral bonds. Subsequently, in March 2021, media reports said the ED conducted raids on premises associated with the group.
Out of the total electoral bond purchase of Rs 617 crore, Keventer Food Park Infra Ltd acquired bonds worth Rs 195 crore in three separate transactions conducted between April and May 2019. Keventer Food Park donated Rs 380.5 crore in 2019 and the rest in 2022 and 2023. Worth noting is that the company’s (Keventer Food Park Infra Ltd) total profit in 2019 before taxes was Rs 1.84 crore. Madanlal Ltd, a group company, purchased bonds worth Rs 185 crore between May 8 and 10, 2019. MKJ Enterprises purchased bonds worth Rs 192.4 crore and Sasmal Infrastructure for Rs 44 crore, as per the data released by the Election Commission on Thursday.
