Karnataka’s Deputy Chief Minister DK Shivakumar may finally come out of Siddaramaiah’s shadow to take over the state’s reins. As talks over Shivakumar’s possible elevation as Karnataka chief minister reach a culmination, attention has turned back to the Congress leader’s enormous wealth disclosures, placing him among India’s richest politicians.
What DK Shivakumar declared in his 2023 affidavit
According to details disclosed in his 2023 Karnataka Assembly election affidavit, Shivakumar and his dependents declared combined assets worth more than Rs 1,400 crore.
The affidavit showed total assets of Rs 1,413.78 crore, a dramatic jump from the Rs 840.08 crore declared during the 2018 Assembly elections.
The disclosures included movable assets worth Rs 273.42 crore, immovable assets valued at Rs 1,140.36 crore and personal immovable assets alone worth Rs 972.65 crore. The affidavit also mentioned liabilities of approximately Rs 263 crore.
Despite the enormous wealth declaration, the Congress leader reportedly listed only one registered vehicle in his name, a Toyota Qualis, along with luxury watches including Rolex and Hublot, besides significant gold and silver holdings.
The affidavit further revealed that 19 criminal cases were pending against Shivakumar at the time of filing his nomination papers for the 2023 Karnataka polls.
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Global malls form major part of Shivakumar’s wealth
A significant portion of Shivakumar’s declared wealth is linked to Bengaluru’s high-profile “Global Mall” projects. Reports based on the affidavit stated that nearly Rs 852 crore of his declared assets were connected to the market valuation of the Global Malls properties through Davanam Constructions and associated ventures.
These include Global Mall (LuLu Mall) at Rajajinagar, Global Divinity Mall on Mysore Road, Rajajinagar property, built on the old Minerva Mills land, later partnered with the LuLu Group and houses one of Bengaluru’s largest hypermarkets.
Meanwhile, Global Divinity Mall emerged as a major commercial and entertainment hub featuring retail spaces and multiplexes.
Business interests across sectors
Beyond real estate, Shivakumar’s financial interests span construction, hospitality, education, media and agriculture.
His declared investments and stakes reportedly include Divinity Spaces LLP, Ickon Projects, Kausthuba Projects Pvt Ltd, Veecross Developers Pvt Ltd, Adarsh Inn Pvt Ltd, Global Academy of Technology, Jaihind Communications Pvt Ltd and Mysore Feeds Pvt Ltd.
The affidavit and associated disclosures show extensive business involvement across Karnataka’s infrastructure and commercial sectors.
Who is DK Shivakumar? A look at his political journey
DK Shivakumar’s rise in Karnataka politics began early. In 1991, he played a crucial role in helping the Sarekoppa Bangarappa government come to power and was later appointed Minister for Prisons, becoming the youngest minister in the cabinet at the time.
Over the years, Shivakumar built a reputation as one of the Congress party’s most dependable crisis managers. His political stature grew significantly after he sheltered Congress MLAs during crucial political battles, including the 2002 Rajya Sabha crisis and the high-profile 2017 Gujarat Rajya Sabha election, where senior Congress leader Ahmed Patel secured victory amid intense political drama.
These episodes helped cement Shivakumar’s image as the Congress party’s go-to “troubleshooter” during difficult political situations.
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Rise through key portfolios
After serving four consecutive terms from the Sathanur constituency, Shivakumar shifted to Kanakapura following the 2008 delimitation exercise. He continued to strengthen his political influence while handling several major portfolios in Karnataka governments, including Energy, Irrigation and Urban Development.
His growing administrative experience and strong organisational network gradually made him one of the most influential leaders within the Karnataka Congress.
Taking charge of Karnataka Congress
In July 2020, Shivakumar was appointed as Karnataka Pradesh Congress Committee (KPCC) President. As state party chief, he focused heavily on rebuilding the Congress organisation at the grassroots level and strengthening booth-level networks across Karnataka.
Party leaders credited him with reviving cadre morale and improving the Congress party’s election machinery ahead of the crucial 2023 Assembly polls.
Architect of Congress’ 2023 comeback
Working alongside Siddaramaiah, Shivakumar played a key role in the Congress party’s sweeping victory in the 2023 Karnataka Assembly elections. The victory marked one of the Congress’ most significant electoral successes in recent years and brought the party back to power in the state.
Following the win, Shivakumar took oath as Karnataka’s Deputy Chief Minister, further consolidating his position as one of the most powerful and resilient figures in Karnataka politics.
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