LIC Denies Washington Post Claims Regarding Adani Group Investments

Life Insurance Corporation of India (LIC) on Tuesday firmly denied the claims made in a Washington Post report suggesting that its investments in the Adani Group were influenced by external factors. The insurer clarified that it has neither issued nor received any of the documents referenced in the report.

In a statement posted on social media, LIC said, “LIC categorically clarifies that the documents mentioned have not been issued by LIC, nor have any such documents been received by LIC. Furthermore, LIC has not received any instructions from the Government regarding investments in any entity under this group.”

Washington Post Report

The Washington Post had reported that Indian officials had prepared a proposal to channel approximately $3.9 billion (₹32,000 crore) from LIC into companies under the Adani Group. The report cited internal documents, suggesting that LIC’s investment decisions were coordinated by representatives from the Department of Financial Services (DFS), Ministry of Finance (MoF), LIC, and the government think tank NITI Aayog.

Responding to these allegations, LIC stated in an exchange filing dated October 25, “The claims by the Washington Post that LIC’s investment decisions are influenced by external factors are false, baseless, and entirely untrue. No such document or plan directing investments into the Adani Group has ever been prepared by LIC.”

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Conclusion

LIC emphasised that all investment decisions are made independently in accordance with board-approved policies, following comprehensive due diligence. LIC also clarified that neither the Department of Financial Services nor any other governmental body plays a role in these decisions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

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