LIC Refutes Claims of Govt Influence in Adani Investments; Says All Decisions Made Independently

The investment of the Life Insurance Corporation of India (LIC) in the Adani Group has hit the headlines. Yet, recent evidence indicates that huge investments in businessman Gautam Adani's businesses have been made not by LIC but by top US and international insurance firms.

LIC invested $570 million (about Rs 5,000 crore) in Adani Ports & SEZ in June 2025. Within a month, US-based insurance company Athene Insurance put Rs 6,650 crore (about Rs 750 million) of debt into Adani's Mumbai International Airport. This investment also included several major foreign insurance companies. Apollo Global Management, Athene's parent company, announced on June 23 that its managed funds, affiliates, and other investors had completed a $750 million investment for Mumbai International Airport Limited. This was Apollo's second major funding round for Mumbai Airport.

Adani Green Energy Limited has raised approximately $250 million in debt from several international banks, including DBS Bank, DZ Bank, Rabobank, and Bank Sinopac Co. Ltd. According to an August report by S&P Global Ratings, the Adani Group signed new debt agreements totaling over $10 billion for its ports, renewable energy, core company, and power transmission units in the first half of the year.

Adani Group Chief Financial Officer Jugeshinder Singh, taking a dig at the US media report, said that the Washington Post's writing on finance is like Jeff Bezos and I consulting on hair loss. Analysts say that insurance companies worldwide are increasingly investing in infrastructure projects due to stable profits. India's rapidly growing infrastructure sector, led by the Adani Group, is now attracting keen interest from investors internationally.

A recent Washington Post report claimed that government officials influenced LIC's investment decisions amid hesitation from global investors. Following this report, LIC's investment in the Adani Group came under scrutiny. On Saturday, LIC dismissed the report as completely false and baseless, stating that its investments in Adani Group companies were made independently. All decisions were made after board approval and thorough due diligence. Former LIC Chairman Siddhartha Mohanty also stated that the government never interferes, either directly or indirectly, in LIC's investment decisions.

LIC has made all investment decisions over the past few years based on due diligence and fundamental facts. LIC's largest holdings are not in the Adani Group, but in Reliance Industries, ITC, and the Tata Group. LIC holds about 4 percent of the Adani Group's shares, 6.94 percent in Reliance Industries, 15.86 percent in ITC Ltd., 4.89 percent in HDFC Bank, and 9.59 percent in State Bank of India (SBI). Additionally, LIC holds a 5.02 percent stake in Tata Consultancy Services (TCS), valued at about ₹5.7 lakh crore.