‘Far from truth’: LIC refutes ‘false’ report alleging government influence over Adani investments; calls it ‘baseless’

The Life Insurance Corporation of India (LIC) has dismissed the allegations made in a report by The Washington Post as "false, baseless and far from the truth" that claimed Indian officials had influenced the insurer’s investment decisions in Adani group companies.In a statement, LIC clarified that its investments are made independently and in accordance with its board-approved policies following detailed due diligence. “Department of financial services (in the Union finance ministry) or any other body does not have any role in such (investment) decisions,” LIC said in a post on X, adding that its decisions comply fully with regulatory provisions and are made “in the best interest of all stakeholders.”

Refuting the US-based publication’s claim that officials had drafted a proposal to channel about $3.9 billion (Rs 32,000 crore) from LIC into Adani group firms, the insurer said, “No such document or plan as alleged in the article has ever been prepared by LIC.” The report had referred to LIC’s $570 million investment in Adani Ports & SEZ (APSEZ) in May 2025, which holds an ‘AAA’ credit rating in India.LIC asserted that The Washington Post article appeared 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.”

According to PTI, LIC is India’s largest institutional investor, managing over Rs 41 lakh crore ($500 billion) in assets across 351 listed stocks. Its exposure to Adani group companies accounts for less than 2 per cent of the conglomerate’s total debt. The insurer’s top holdings include Reliance Industries, ITC, HDFC Bank, SBI and TCS.LIC noted that its investment value in India’s top 500 companies has grown tenfold over the past decade—from Rs 1.56 lakh crore in 2014 to Rs 15.6 lakh crore in 2025.