The Life Insurance Corporation of India’s (LIC) investment in Adani Group firms remains in the spotlight as the Washington Post’s controversial report faces backlash over its data on the Adani Group and the Indian government. Refuting all claims made by the publication, LIC has released detailed data highlighting the transparency of its investments and the profits earned from its stake in Adani Group companies. It has also come to light that not LIC, but five major US companies are the leading investors in the Adani Group.
The Washington Post’s False Claims! What the Data Reveals..
In June 2025, a month after LIC’s ₹5,000 crore investment in Adani Ports & SEZ, American Athene Insurance invested ₹6,650 crore in Adani’s Mumbai International Airport. The major global lenders such as DBS Bank, DZ Bank, Rabobank, and Bank Sinopac have also invested approximately $250 million in Adani Energy. According to an August report by S&P, Adani secured $10 billion in new loan facilities for its four units in the first half.
Adani Group, LIC dismiss Washington Post allegations
The Washington Post published a report criticising the Indian Government interference in LIC’s investment in the Adani Group. The report, “India’s $3.9 billion plan to help Modi’s mogul ally after U.S. charges,” was published in October 2025. The report claimed that the Indian government, the Ministry of Finance, and the LIC jointly provided ₹33,000 crore in aid to the Adani Group. The report was published, citing several unnamed sources. However, it didn’t provide any concrete documents or independent verification.
The Indian government and the Adani Group dismissed the claims as ‘false and baseless’. Adani Group stated that it prematurely repaid a $450 million loan in June instead of refinancing it. CFO Jugeshinder Singh said, “The Washington Post writing on finance is like Jeff Bezos and I writing on hair”.
What LIC Said on the Issue
LIC said that all its investments were made only after proper checks and approval from its board. It also shared that its total investment value increased from ₹1.56 lakh crore in 2014 to ₹15.6 lakh crore in 2025. Former LIC Chairman Siddhartha Mohanty said that the government never interferes in LIC’s investment decisions.
LIC’s Holdings: Adani 4%, Reliance 6.9%, ITC 15.8%
India’s largest insurance company owns around 4% of shares in the Adani Group, worth about ₹60,000 crore. This amount is less than 2% of Adani’s total debt of ₹2.6 lakh crore. LIC also has big investments in other major companies such as:
- Reliance Industries: 6.94% stake worth ₹1.33 lakh crore
- ITC Limited: 15.86% stake worth ₹82,800 crore
- HDFC Bank: 4.89% stake worth ₹64,725 crore
- SBI: 9.59% stake worth ₹79,361 crore
- TCS: 5.02% stake worth ₹5.7 lakh crore
#StopTargetingIndia
Despite clarifications from the Indian government, LIC, and Adani, the Washington Post did not provide any concrete evidence to support the report. This led to hashtags like #FakeNewsWaPo and #StopTargetingIndia trending on Indian social media. Critics say such reports are an attempt to damage India’s economic image ahead of state elections.
