LIC, Adani reject Washington post claims; congress seeks investigation
Business Desk :
The Life Insurance Corporation of India (LIC) has dismissed a Washington Post report claiming that Indian officials pushed a plan to channel around $3.9 billion from LIC into Adani Group companies. LIC called the allegations “false, baseless, and misleading.”
In a statement, LIC said all investment decisions are made independently after due diligence and in line with Board-approved policies. It added that no government body has any role in its investment process.
The insurer also clarified that its exposure to the Adani Group is less than 2% of the conglomerate’s total debt and that its portfolio remains diversified.
The Washington Post report highlighted LIC’s $570 million investment in Adani Ports & SEZ in May 2025. LIC noted that the company holds a top AAA credit rating and said similar investments have been made by global funds like BlackRock, Apollo, and Japan’s MUFG.
The Adani Group also denied the allegations, saying, “LIC invests across multiple corporate groups, and suggesting preferential treatment is misleading.”
However, the Congress party launched a scathing attack, alleging that LIC was “forced” to invest in Adani stocks to bail out the conglomerate.
Congress leader Jairam Ramesh demanded a probe by Parliament’s Public Accounts Committee, calling it a case of “crony capitalism.”
Ramesh also claimed LIC suffered losses of over ?7,800 crore in one trading day after US authorities indicted Gautam Adani and associates on bribery charges.
Both LIC and Adani have rejected all charges, saying their operations comply fully with laws and regulations.