LIC Firmly Denies Washington Post Claims About Government-Directed Adani Group Investments

New Delhi:

Life Insurance Corporation of India (LIC) on Tuesday firmly stated that the public sector insurer has neither issued nor received any document referenced in the Washington Post report, which alleges that its investment decisions regarding Adani Group were influenced by external factors.

In a clear denial of the allegations published by The Washington Post, the insurer declared, "LIC categorically clarifies that the documents mentioned have not been issued by LIC, nor have any such documents been received by LIC."

"Furthermore, LIC has not received any instructions from the Government regarding investments in any entity under this group," the statement added.

This marks the second denial from LIC, as the public sector insurer had previously rejected these allegations on Saturday, characterizing them as "far from the truth."

The Washington Post had alleged that Indian officials drafted a proposal to direct approximately USD 3.9 billion (Rs 32,000 crore) from LIC into Adani Group companies.

The article, citing internal documents, further claimed that LIC's decision to invest in Adani Group was coordinated by officials from the Department of Financial Services (DFS), the Ministry of Finance (MoF), LIC, and the government think tank NITI Aayog.

In its earlier statement posted on X on Saturday, LIC described the allegations in the Washington Post article as false, baseless, and "far from the truth."

"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," LIC stated in its rebuttal.

LIC firmly asserted that its investment decisions are made independently, following Board-approved policies and thorough due diligence procedures.

"Department of Financial Services or any other body does not have any role in such decisions," LIC emphasized.

The insurance giant further stated that it maintains the highest standards of due diligence in the best interest of all stakeholders.

"LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant polices, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders," the statement affirmed.

LIC suggested that the Washington Post's reportage was intended to tarnish the insurance major's reputation.

Life Insurance Corporation, commonly known as LIC, is the Indian state-owned insurance group and investment company.

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