Overview
- LIC issued a new denial on Oct. 28, stating the papers cited were not issued by LIC and that no government instructions were received regarding Adani investments.
- The Washington Post report said it reviewed LIC and Department of Financial Services materials describing a May plan to channel nearly $3.9 billion into Adani entities.
- LIC reiterated that its investment decisions are independent, board-approved, and guided by due diligence, calling the report prejudicial to its process and reputation.
- The Adani Group denied any role in directing LIC funds, and Adani Ports earlier said LIC-backed funds were earmarked for a proposed bond buyback of 2027–2029 maturities.
- Former SEBI executive J.N. Gupta and other commentators questioned the report’s timing and evidence, while coverage noted LIC’s exposure to Adani is small relative to its portfolio.