'Unfounded': Adani Group on report of LIC investing in companies
The Washington Post just claimed that Indian officials tried to push about $3.9 billion from LIC (Life Insurance Corporation of India) into Adani Group companies back in May 2024.
LIC quickly shot down the story, saying all their investments are made independently and follow strict board rules.
The Adani Group also called the whole thing "unfounded."
Why the opposition is up in arms
Opposition leaders—especially Congress's Jairam Ramesh—are worried that government money meant for policyholders might be getting funneled to big business friends.
He pointed out that after Adani shares took a hit earlier this year, LIC still approved a ₹33,000 crore investment in May 2024.
LIC's defense and context
LIC says its investments are closely watched by regulators like IRDAI and SEBI, and decisions are based on market conditions to get the best returns for everyone who has a policy.
For context: even these alleged Adani investments make up less than 1% of what LIC invests every year—so it's a small slice of their total pie.