New Delhi: Life Insurance Corporation of India (LIC) today said that it has invested in Adani group companies only after conducting an independent and detailed investigation. The company said that this was done as per the policies approved by the board of directors.
The insurance company has given this statement in response to a report published in the American newspaper ‘The Washington Post’. The report alleged that LIC was influenced by government officials to invest in the Adani group this year. At that time, the Adani group was heavily indebted and was facing investigation in the US.
LIC said in a statement on social media platform ‘X’, “The Department of Financial Services of the Union Finance Ministry or any other body has no role in such (investment) decisions.”
LIC said that India’s largest insurance company has taken investment decisions in various companies in the last few years based on detailed examination of the fundamentals of the companies. Its investment value in India’s top 500 companies has increased 10 times from Rs 1.56 lakh crore to Rs 15.6 lakh crore since 2014, reflecting strong fund management.
According to LIC, it has taken investment decisions in the last few years based on fundamentals and due diligence. According to LIC, “the investment decisions were taken independently by LIC after detailed examination and are in line with the policies approved by its board”.
"LIC ensures the highest standards of due diligence and all investment decisions are taken in the best interest of all stakeholders, in compliance with existing policies, provisions of the Act and regulatory guidelines," the insurance company said.