InGovern Founder Slams Washington Post Report on LIC-Adani as "Far-Fetched"

Subramanian said that the report lacks credible data and termed it "surprising and far-fetched."

Speaking to ANI, Shriram Subramanian said, "...LIC's investment in the NCD, a non-convertible debenture of Adani Ports worth Rs 5,000 crores, took place in May 2025. So, it is very surprising to see this... Adani Ports made the proper announcement that the Rs 5,000 crore was subscribed to by LIC in May 2025, and that the bonds were AAA-rated by CRISIL at a 7.75% coupon; all the terms were publicly available. After five months of that investment, attributing motives to LIC seems very far-fetched..."

"...I don't believe the Washington Post article provides any data to support the USD 3.9 billion figure; the source of this figure is unknown. How this number is calculated is unclear. Any investments made by LIC in Adani Group stocks are publicly available. Moreover, LIC has been investing in Adani Group stocks for over 10 years, even before this current government came into power... The Washington Post report should be dismissed and not given any attention," he said.

Supreme Court Advocate Ishkaran Bhandari has also criticised the Washington Post report, saying such publications often "twist normal financial practices" to create misleading narratives.

"...LIC has bigger investments and a higher exposure in various Indian companies. LIC would invest in Indian markets --that's how you would generate returns and offset risk... What they try to do is take a normal practice, twist and turn it by cherry-picking data, and then get selective authors outside India, known for having an agenda, published in various journals. I do not know why we take it seriously. Unfortunately, in India, they have vested interests which raise these issues. Otherwise, what the New York Times or the Washington Post says, how does it matter in India, except to some political people who believe they can settle their scores then?," Bhandari said.

Political analyst Tehseen Poonawalla has defended the Life Insurance Corporation of India (LIC), saying the exposure is minimal compared to the insurer's total assets under management (AUM), and the allegations being made are baseless.

"...LIC, under its wing, has an AUM, Assets Under Management, of over 57 lakh crores, out of which its total exposure to the Adani Group is less than 60,000 crores, i.e. less than 2%. Yet, LIC is being told that they are funding money into the Adani Group. And LIC recently, in May, invested in the Adani Ports and SEC. It is AAA rated, the highest rating, gold standard of rating. The LIC has always made money on this group, in fact, its exposure to other groups, for example, the ITC is over 15%. So what is this logic being put? Even previously, there was a hit and run case on the Adani Group by a short-selling firm. The Adani Group is standing there, the short-selling firm is shut down. So I think we should stop this pit and run politics, this pit and run job, and allow Adani to do their work. They have contributed over Rs. 74,000 crores in taxes in FY25," he said.

The Washington Post had claimed that Indian officials had drafted a proposal to channel approximately USD 3.9 billion (Rs 32,000 crore) from LIC into companies owned by the Adani Group.

Life Insurance Corporation of India (LIC) on Saturday termed the Washington Post report false and baseless, and far from the truth.

"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," LIC said in its rebuttal today.

LIC categorically asserted that its investment decisions are taken by LIC independently as per Board approved policies after detailed due diligence.

- ANI