India News | IFB Agro Approves Up to Rs 40 Cr Donation to Political Parties Through Electoral Bonds

New Delhi, Apr 4 (PTI) Kolkata-based IFB Agro Industries' board has approved a contribution of up to Rs 40 crore to political parties through subscription to electoral bonds during the current fiscal, according to a regulatory filing.

This would be done in one or more tranches.

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"The Board of Directors in its meeting dated 31st March 2022, considered such issues and in the best interest of the company and all its stakeholders decided to approve contributions to political parties by way of subscription to the electoral bonds in one or more tranches aggregating not more than Rs 40 crores for the financial year 2022-23," as per the filing to stock exchanges last week.

IFB Agro Industries also said it has already informed the bourses "about excise related issues being faced by/ affecting the company".

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For the financial year ended on March 31, 2021, IFB Agro's revenue was Rs 1,693.45 crore.

Last year on October 7, 2021, IFB Agro had said its board "in the best interest of the company and all its stakeholders decided to approve contributions to political parties by way of subscription to the electoral bonds in one or more tranches aggregating not more than Rs 25 Crores for the financial year 2021-22."

The company operates in the distillery industry and is the largest manufacturer of Indian Made Indian Liquor (IMIL) in West Bengal. It also operates in the marine fish segment.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)