LIC refutes allegations of 'billions steered to Adani from LIC'

The Life Insurance Corporation of India (LIC) on Saturday denied reports by The Washington Post, reaffirming all investments are made with integrity and due diligence. 

In a rebuttal to the article, LIC said the allegations leveled by The Washington Post that the investment decisions of LIC are influenced by external factors are “false, baseless, and far from truth”.

The Washington Post had reported that officials allegedly expedited a proposal in May this year to direct approximately $3.9 billion in investments from the LIC to an Adani Group company as global bank hesitated in providing funding.

Internal documents accessed by the Post reportedly show that in May 2025, the Union finance ministry, its Department of Financial Services (DFS), LIC, and the policy think tank NITI Aayog coordinated an investment strategy that funneled billions into Adani Group bonds and equity. The plan involved a $585-million bond issue for Adani Ports that LIC financed alone. 

However, LIC has strongly refuted the allegations, calling the report “false, baseless, and far from truth.”

In an official statement issued on Saturday, the insurer clarified that no such document or plan, as alleged in the article, was ever prepared by LIC to channel funds into Adani Group firms.

“All investment decisions are made independently as per Board-approved policies after detailed due diligence,” LIC said, adding that neither the Department of Financial Services nor any other body has any role in its investment process.

LIC emphasised that it maintains the highest standards of due diligence, compliance, and transparency, ensuring that every decision aligns with existing policies and regulations in the best interest of stakeholders.

(Inputs from syndicated feed)