LIC denies Washington Post claim of Adani investment pressure
Life Insurance Corporation of India rejected a Washington Post article claiming the government forced the state-owned insurer to invest $3.9 billion in Adani Group companies. The insurer described the October report as false and baseless after the American newspaper alleged officials pressured the firm to purchase $568 million in bonds from Adani Ports in May.
Former chairman Siddhartha Mohanty said the government never interferes with investment decisions. Adani Ports raised funds for a planned bond buyback maturing between 2027 and 2029, rather than refinancing existing obligations as the article suggested.
The newspaper incorrectly stated international banks avoided lending to Gautam Adani after American prosecutors charged him with bribery and fraud. BlackRock, Apollo and European banks invested in Adani ventures between April and September.
Adani Ports holds AAA ratings from four domestic agencies and BBB- from Fitch, matching India’s sovereign grade. The company reduced debt in the 2025 fiscal year while Life Insurance Corporation earns 1.26 percentage points above government securities on the loan.
