Kathmandu. State-owned life insurer Life Insurance Corporation of India (LIC) on Saturday claimed that it invested in Adani group companies on the basis of self-determination and not under pressure from the government.
LIC said in a statement on social media X Post that its investments have been made independently and in accordance with board-approved policies after detailed due diligence.
“The Department of Financial Services (in the Union Ministry of Finance) or any other agency has no role in such (investment) decisions,” LIC said in a statement posted on X.
India’s largest life insurer has over the years made investment decisions in companies based on fundamental aspects and detailed risk analysis. Its investment value in India’s top 500 companies has increased 10-fold since 2014. From $156 billion to Rs 1560 billion – from Rs 1556 billion – reflecting strong fund management.
“LIC has ensured the highest standards of proper analysis and all its investment decisions have been made in compliance with the existing policies, provisions in the Acts, and regulatory guidelines, in the best interest of all its stakeholders. ”
The statement was in response to a report published in The Washington Post alleging that officials planned to persuade LIC to invest in the Adani Group earlier this year, when the Adani Group was facing a debt pile and scrutiny in the US over its investment in the port-to-energy sector.
