New Delhi: The Centre told the parliament that Life Insurance Corporation of India (LIC) has invested a total of Rs 48,284.62 crore in Adani Group companies.
It is reported that a breakdown of this goes as Rs 38,658.85 crore in equity and Rs 9,625.77 crore in debt.
Union finance minister Nirmala Sitharaman’s reply to the House comes two months after reports alleged that the government ‘quietly’ devised a $3.9 billion rescue plan for debt-laden conglomerate by directing money from LIC .
Nirmala Sitharaman's reply according to the report is based on data available till September 30, which further said that ‘LIC invested Rs 5,000 crore in secured non-convertible debentures of Adani Ports and Special Economic Zone Limited’.
In its rejoinder to the questions by MPs Mohammed Jawed and Mahua Moitra, the government however did not give complete list of LIC’s investment in all private companies, saying that giving an ‘exhaustive, granular list of companies, in which LIC has invested, may not be commercially prudent and could affect LIC’s operational debt interests’.
It is reported citing the version of the government that the decision to invest Rs. 5,000 crore by LIC in secured NCDs issued by Adani Ports Special Economic Zone (APSEZ) in May 2025 was made ‘after doing due diligence following established Standard Operating Procedures (SOPs) as per their Board approved policies’.
However, the finance ministry in its reply claimed that it “does not issue any advisory/direction to LIC” regarding the investment of LIC fund.