LIC rebuts Washington Post report alleging influence in Adani-related investments
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The Life Insurance Corporation of India (LIC) has issued a sharp rebuttal to a recent report by The Washington Post that alleged its investment decisions were influenced by external factors and linked to the Adani Group.
In an official statement posted on its X handle, LIC called the claims “false, baseless, and far from truth,” asserting that no document or plan as alleged in the article “has ever been prepared by LIC which creates a roadmap for infusing funds by LIC into Adani group of companies.”
The insurer clarified that all its investment decisions are taken independently and in line with board-approved policies following a rigorous due diligence process. “The investment decisions are taken by LIC independently as per Board approved policies after detailed due diligence,” the corporation said.
LIC also denied any involvement of the Department of Financial Services or any other government body in its investment decisions, emphasizing that it follows “the highest standards of due diligence” and acts “in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders.”
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The state-owned insurer suggested that the Washington Post report was intended to damage its credibility. “These purported statements in the article appear to have been made with the intentions to prejudice the well-settled decision-making process of LIC and also to tarnish the reputation and image of LIC and the strong financial sector foundations in India,” it said.
LIC, which is one of India’s largest institutional investors with holdings across multiple sectors, has been under scrutiny in the past over its exposure to the Adani Group, particularly after the Hindenburg report in early 2023 triggered a sell-off in Adani stocks. The insurer has since maintained that its investments in Adani companies remain within the prescribed risk limits and are profitable.