Narendra Modi Government Pushed LIC to Invest USD 3.9 Billion in Adani Group, Says Report; Congress Seeks Probe

A Washington Post investigation has alleged that the Narendra Modi government orchestrated a plan for state-run Life Insurance Corporation (LIC) to invest around USD 3.9 billion (INR 34,000 crore) in companies owned by industrialist Gautam Adani. The plan reportedly emerged earlier this year when Adani’s business empire, spanning ports, airports, and energy, was struggling with debt and corruption allegations that had deterred major foreign lenders. Documents cited by the report suggest that officials from the Department of Financial Services and LIC proposed the move to “signal confidence” in the Adani Group and secure “economic stability,” receiving approval from the Finance Ministry. Despite internal concerns about risks following the 2023 Hindenburg report, LIC financed a USD 585 million bond issue for Adani Ports in May. The Congress party has slammed the revelation as evidence of “crony capitalism,” accusing the Modi government of endangering citizens’ life savings to rescue its “param mitra” (close friend). Party leaders claimed the investment was forced upon LIC despite previous losses in Adani shares, calling it a “betrayal of public trust” and “misuse of policyholders’ hard-earned money.” Adani Group has denied receiving any political favours. LIC Says Exposure to Adani Group Less Than 1% of Its AUM, Read Full Statement Here.

Congress Slams Modi Government After Washington Post Report Claims LIC Was Forced to Invest in Adani Group

(SocialLY brings you all the latest breaking news, fact checks and information from social media world, including Twitter (X), Instagram and Youtube. The above post contains publicly available embedded media, directly from the user's social media account and the views appearing in the social media post do not reflect the opinions of LatestLY.)