The Life Insurance Corporation of India on Saturday rejected a report by The Washington Post that said that the public sector company invested nearly $3.9 billion in industrialist Gautam Adani’s Adani Group following directions from the Union government.
“The allegations levelled by The Washington Post that the investment decisions of LIC are influenced by external factors are false, baseless, and far from truth,” stated the state-owned insurance and investment firm.
In a report published on Friday, The Washington Post claimed that the Union government had directed nearly $3.9 billion, or about Rs 33,000 crore, in investments from LIC India into the Adani Group at a time when the industrialist’s businesses were facing financial and legal challenges.
The Union government had also drafted and pushed through a proposal in May to divert the amount in investments from LIC India to support the conglomerate, The Washington Post alleged.
The Adani Group categorically denied involvement in “any alleged government plans” to direct LIC India funds, according to the newspaper.
“LIC invests across multiple corporate groups – and suggesting preferential treatment for Adani is misleading,” the conglomerate said in response to questions from The Washington Post. “Moreover, LIC has earned returns from its exposure to our portfolio.”
The company also said that “assertions of undue political favour are unfounded”, adding that its growth predated “[Prime Minister Narendra] Mr Modi’s national leadership”.
LIC India, in its statement...
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