- Says all decisions made independently after rigorous due diligence; cites 10-fold rise in top-500 investment value since 2014
- Assures stakeholders of adherence to board-approved policies, compliance norms and highest fiduciary standards
- Adani’s total debt of ₹2.6 lakh crore is reportedly backed by ₹90,000 crore in annual operating profit and ₹60,000 crore in cash reserves — indicating financial resilience
NE BUSINESS BUREAU
NEW DELHI, OCT 25
Life Insurance Corporation of India (LIC), the country’s largest institutional investor, on Saturday firmly dismissed allegations of government interference in its investments in Adani group companies, asserting that every decision was made independently and after “detailed due diligence” in line with its board-approved policies.
“The Department of Financial Services or any other body does not have any role in such investment decisions,” LIC said in a statement posted on X, adding that all investments were made “in the best interest of policyholders and stakeholders.”
The clarification follows a report in The Washington Post suggesting that officials had influenced LIC’s decision to invest in the Adani group earlier this year when the conglomerate was under scrutiny abroad.
“Such statements appear intended to prejudice the well-established decision-making process of LIC and to tarnish its reputation, as well as India’s strong financial sector foundations,” the insurer said.
LIC, which manages over ₹41 lakh crore (around USD 500 billion) in assets across 351 listed companies, said its investment value in India’s top 500 firms has grown tenfold since 2014 — from ₹1.56 lakh crore to ₹15.6 lakh crore — underscoring its long-term and fundamentals-based approach.
The corporation also highlighted that its exposure to the Adani Group accounts for less than 2 per cent of the conglomerate’s total debt. It continues to hold diversified investments in blue-chip companies such as Reliance Industries Ltd, ITC, Tata Group entities, HDFC Bank, and State Bank of India.
Global investors including BlackRock, Apollo, Japan’s Mizuho and MUFG, and Germany’s DZ Bank have also shown confidence by investing in Adani’s debt recently, sources noted.
Adani’s total debt of ₹2.6 lakh crore is reportedly backed by ₹90,000 crore in annual operating profit and ₹60,000 crore in cash reserves — indicating financial resilience.
“LIC has ensured the highest standards of due diligence and compliance with extant policies, Acts and regulatory guidelines,” the insurer said, reiterating its commitment to transparency, prudence, and trust built over decades.
