LIC Denies Washington Post Report as ‘False and Baseless’
The Life Insurance Corporation of India (LIC) has strongly denied allegations by The Washington Post that its investment decisions are influenced by external factors, calling the claims “false, baseless, and far from truth.” The state-owned insurance giant specifically refuted claims of a roadmap for channeling funds into Adani Group companies.
Key Takeaways
- LIC denies all allegations of external influence on investment decisions
- No document exists for Adani Group fund infusion, says LIC
- All investments follow due diligence and board approval processes
- Department of Financial Services has no role in decisions
“The allegations leveled by The Washington Post that the investment decisions of LIC are influenced by external factors are false, baseless, and far from truth,” said LIC in an official statement.
Responding to the October 24, 2025 report, LIC clarified there was ‘no document or plan’ creating any roadmap for fund infusion into Adani Group. The insurance corporation emphasized that all investment decisions are made by its board of directors after detailed due diligence.
Investment Process Defended
LIC stated that its investment decisions follow approved policies and regulatory guidelines. The company maintains that neither the Department of Financial Services nor any other external body influences these decisions.
“No such document or plan as alleged in the article has ever been prepared by LIC, which creates a roadmap for infusing funds by LIC into the Adani group of companies.”
The insurance giant suggested the allegations were made with intentions to “prejudice the well-settled decision-making process” and “tarnish the reputation” of the company in the Indian market.
Washington Post’s Claims
The Washington Post report alleged that the Indian government crafted an aid plan for Adani Group’s mounting debts, claiming $3.9 billion was channeled through LIC. Both Adani Group and LIC have denied involvement in any government-directed funding plan.
LIC reaffirmed its commitment to highest standards of due diligence, stating all investments comply with existing policies, statutory provisions, and regulatory guidelines in the best interest of stakeholders.
