Ashwini Vaishnaw’s rise from a bureaucrat in Odisha to one of the most influential ministers in India is a story of ambition, business acumen, and controversy. His career is marked by extraordinary investment returns, close ties with alleged mining mafias, and his eventual appointment to significant ministerial positions. Below is a comprehensive look at his journey, including all statistical details and controversies surrounding his rise.
Early Life and Education
Ashwini Vaishnaw was born in Rajasthan’s Pali district. After completing his schooling in Jodhpur, he pursued engineering from MBM Engineering College, graduating in 1991 as a gold medalist. Later, he completed his master’s degree in engineering from IIT Kanpur. Vaishnaw’s academic excellence was further highlighted when he secured the 27th rank in the UPSC exams, earning a position as an IAS officer in the Odisha cadre in 1994.
Bureaucratic Career and Transition to the Corporate World
Vaishnaw’s IAS career was promising, with notable stints in Odisha. In 2008, he took a two-year sabbatical to pursue an MBA at the prestigious Wharton School, University of Pennsylvania. This marked his transition from public service to the corporate world, eventually setting the stage for his entrepreneurial and political ventures.
Entrepreneurial Ventures and Financial Gains
- Adler Industrial Services Pvt. Ltd.
- In 2015, Vaishnaw and his wife, Sunita, co-founded Adler Industrial Services Pvt. Ltd.
- The company entered the iron ore mining sector, establishing ties with Thriveni Earthmovers, a mining company led by B. Prabhakaran.
- Thriveni Earthmovers, accused of illegal mining worth ₹900 crore, became Adler’s sole client.
- Revenue Growth:
- In its first year (2015-16), Adler reported a revenue of ₹5 lakh.
- By 2019-20, Adler’s revenue skyrocketed to ₹448 crore, and by 2021-22, it reached ₹3,323 crore.
- Salary Disparities:
- A significant portion of Adler’s revenue was paid as salaries to Vaishnaw and his wife. For instance:
- In 2016-17, of ₹3.79 crore in revenue, ₹2.46 crore was paid to the Vaishnaws as salaries, while other employees collectively received less than ₹2 lakh.
- Similar trends continued in subsequent years, raising questions about the company’s practices.
- A significant portion of Adler’s revenue was paid as salaries to Vaishnaw and his wife. For instance:
- Thriveni Pellets Pvt. Ltd. (TPPL):
- In partnership with Thriveni Earthmovers, Vaishnaw co-founded TPPL, where Thriveni held a 51% stake.
- TPPL received ₹11.5 crore in financial aid shortly after its establishment, highlighting the deep ties between Vaishnaw and Prabhakaran.
- TPPL later partnered with JSW Group to acquire Brahmani River Pellets Ltd. (BRPL), a deal valued at ₹5,000 crore.
- Twinstar Display Technologies:
- Vaishnaw invested ₹1 lakh in this company, which yielded shares worth over ₹1,113 crore in a few years.
Political Entry and Allegations
- Nomination to Rajya Sabha (2019):
- Vaishnaw’s political journey began when both the ruling Biju Janata Dal (BJD) and opposition Bharatiya Janata Party (BJP) supported his nomination to the Rajya Sabha from Odisha.
- This move was surprising and fueled allegations of political favouritism and vested interests.
- Mining Allegations:
- Congress leader Narasingha Mishra accused Vaishnaw of having ties with mining mafias, particularly B. Prabhakaran.
- Allegations included exploiting Odisha’s mineral resources and benefiting financially from illegal mining activities.
Ministerial Role and Railway Challenges
- Ministerial Appointment (2021):
- Vaishnaw was appointed as the Minister of Railways, Telecommunications, and Electronics & IT in Prime Minister Modi’s cabinet.
- Critics argued that his ministerial portfolios coincided suspiciously with sectors where he had prior business interests.
- Railway Mishaps:
- During his tenure, Indian Railways faced one of its worst accidents in three decades:
- The Balasore train collision in 2022 killed 293 passengers and injured over 1,100 people.
- Between 2019 and 2023, Indian Railways witnessed 113 accidents, including derailments and collisions, highlighting safety concerns.
- During his tenure, Indian Railways faced one of its worst accidents in three decades:
- Controversial Decisions:
- Vaishnaw removed senior officials, including Railway Board member Rahul Jain, allegedly for failing to meet his standards.
- Critics argued that such actions reflected his authoritarian approach to leadership.
Financial Practices and Controversies
- Loans and Transactions:
- Adler received significant loans from entities linked to controversial figures, including TV9’s former promoter Srini Raju.
- Adler’s financial model involved purchasing and immediately selling inventory, often at high margins, leading to rapid revenue growth.
- Stock Management:
- Despite its high revenue, Adler reported zero inventory at the end of every financial year, raising questions about its operational practices.
- Electoral Bonds:
- Thriveni Earthmovers purchased electoral bonds worth ₹11 crore for the BJP, further intertwining Vaishnaw’s business and political affiliations.
Ashwini Vaishnaw’s journey from an IAS officer to a Union Minister is a testament to his ambition and strategic acumen. However, his career is also riddled with controversies, from allegations of benefiting from illegal mining to conflicts of interest in his ministerial roles.
While Vaishnaw’s financial and professional achievements are undeniable, the ethical questions surrounding his rise cast a shadow over his legacy. His story reflects the complexities of modern Indian politics, where power, business, and opportunity intersect in ways that often blur the lines of accountability.
The details shared in this article barely scratch the surface of a much deeper story. Beneath the visible layers lies a wealth of concealed information that will eventually come to light. The deployment of Central Agencies by Vaishnaw’s influential backer has set a new precedent for vendetta politics, perpetuating a cycle that continues to turn endlessly.
