LIC Trashes Authenticity Of Document Mentioned In Washington Post Report On Adani Investment
"LIC categorically clarifies that the documents mentioned have not been issued by LIC, nor have any such documents been received by LIC," the insurer said.
The Life Insurance Corporation of India on Tuesday took to social media platform X to trash the authenticity of the documents referred to in a Washington Post article, which "falsely" accused the state-run insurer of investing in Adani Group under government's influence.
"LIC categorically clarifies that the documents mentioned have not been issued by LIC, nor have any such documents been received by LIC," it stated.
"Furthermore, LIC has not received any instructions from the government regarding investments in any entity under this group," the state-run company added.
The clarification by LIC implies that the documents referred to by freelancer Ravi Nair, who co-authored the Washington Post article, are fabricated.
The insurer had, in a statement issued on Saturday, described the report as an attempt to malign India’s financial institutions and undermine investor confidence through unverified and distorted claims.
In its second post on the X in this matter, LIC reaffirmed that it operates as an independent institution guided by professional judgment, transparent governance practices, and regulatory oversight. The insinuations of political influence are not only baseless but also disrespect the integrity of India’s largest insurer and its millions of policyholders.
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LIC Slams Washington Post Report As 'False And Baseless,' Denies External Influence On Investments
LIC on Saturday said its investments in Adani group companies have been 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 statement posted on X.
India's largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Its investment value in India's top 500 companies has grown 10-fold since 2014 — from Rs 1.56 lakh crore to Rs 15.6 lakh crore — reflecting strong fund management.
"The investment decisions are taken by LIC independently as per Board-approved policies after detailed due diligence," LIC said.
"LIC has ensured the highest standards of due diligence and all its investment decisions have been undertaken in compliance with extant policies, provisions in the Acts and regulatory guidelines, in the best interest of all its stakeholders."
LIC said the Department of Financial Services or any other body does not have any role in its investment decisions, and the report carries statements "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."
The insurer is not a small, single-purpose fund but India's largest institutional investor with over Rs 41 lakh crore (over $500 billion) in assets. It invests across 351 publicly listed stocks (as of early 2025) spanning virtually every major business group and sector.
(With PTI inputs)
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