'Decision Taken Independently': LIC Terms Washington Post's Report On Adani Investments 'Baseless'

Last Updated:October 25, 2025, 14:38 IST

LIC denies The Washington Post claims of external influence on investments, refutes alleged Adani Group funding plan, and asserts decisions follow strict due diligence.

The report alleged that Indian officials had drafted a proposal to channel nearly USD 3.9 billion (about Rs 32,000 crore) from LIC into companies owned by the Adani Group. (PTI photo)

The Life Insurance Corporation of India (LIC) on Saturday denied the allegations made in a report by The Washington Post, which claimed that the company’s investment decisions were influenced by external factors.

The report alleged that Indian officials had drafted a proposal to channel nearly USD 3.9 billion (about Rs 32,000 crore) from LIC into companies owned by the Adani Group.

Refuting the claims, LIC stated, “No such document or plan as alleged in the article has ever been prepared by LIC, which creates a roadmap for infusing funds by LIC into the Adani group of companies."

The insurer emphasized that all its investment decisions are made independently and in accordance with board-approved policies after comprehensive due diligence.

“Department of Financial Services or any other body does not have any role in such decisions," the statement said.

LIC further assured that it maintains “the highest standards of due diligence" and that all its investment decisions comply with established policies, legal provisions, and regulatory guidelines, ensuring they serve the best interests of stakeholders.

“LIC has ensured highest standards of due diligence and all its investment decisions have been undertake in compliance with extant police, provision in the Acts and regulatory guidelines, in the best interest of all its stakeholders," the statement read.

The corporation also accused The Washington Post of attempting to damage its image through misleading reporting.

“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," the insurer stated.

The Life Insurance Corporation of India, popularly known as LIC, is the country’s state-owned insurance and investment company.

Manisha Roy

Manisha Roy is a Senior Sub-Editor at News18.com's general desk. She comes with an experience of over 5 years in media industry. She covers politics and other hard news. She can be contacted at Manisha.Roy@nw18...Read More

Manisha Roy is a Senior Sub-Editor at News18.com's general desk. She comes with an experience of over 5 years in media industry. She covers politics and other hard news. She can be contacted at Manisha.Roy@nw18...

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News business 'Decision Taken Independently': LIC Terms Washington Post's Report On Adani Investments 'Baseless'

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