Kerala's Twenty20 party chief & KITEX group MD Sabu Jacob spent Rs 25 crore in electoral bonds

KITEX group managing director Sabu M Jacob said he was 'forced' to buy electoral bonds for giving contributions to mainstream political parties as it was 'essential for the existence of business ventures'.

Twenty20, a political party promoted by Kerala-based KITEX group as an alternative to mainstream political parties, pumped in Rs 25 crore in political funding through electoral bonds.

Twenty20 is contesting in the upcoming Lok Sabha election at Ernakulam(Kochi) and Chalakudy constituencies. 

Speaking to a section of media, KITEX group managing director Sabu M Jacob, who is also the chairman of Twenty 20, said he was "forced" to buy electoral bonds for giving contributions to mainstream political parties as it was "essential for the existence of business ventures".

Jacob, however, further claimed that he did not get any undue favours from political parties for giving contributions. 

The purchase of electoral bonds by KITEX group is a shot in the arm for the ruling CPM in Kerala as its managing director had been very critical of the Pinarayi Vijayan government.

Recently, Jacob had strongly criticised Vijayan by referring to the allegations against his daughter and even dropped its fresh investment plans in Kerala, alleging lack of investor friendly climate in the state. Instead, it invested in Telangana. 

In 2022, Twenty20 had tied up with Arvind Kejriwal-led Aam Aadmi Party (AAP) to form People's Welfare Alliance. However, it recently decided to end the alliance.

Twenty20, which was formed as part of the corporate social responsibility initiatives of the KITEX group at Kizhakambalam in Kochi, is in power in four local bodies in Kochi.