Value of LIC's investment in Adani Group increased by 59 percent in a year

Information has emerged that refutes the alleged losses incurred by public sector insurance company LIC from its investment in Adani Group. According to recently released results, the value of LIC's investments in Adani Group companies increased by 59 percent in the financial year 2003-24. The total investment of LIC in seven Adani Group companies till March 31, 2023 will be Rs. From Rs 38,471 crore to Rs 61,210 crore as on March 31, 2024. In which Rs. Thus, an increase of Rs 22,378 crore was recorded in the value of investment.

Last year, allegations were made against the insurer over its decision to invest in the Adani Group, following baseless allegations made by short-seller Hindenburg. However, Adani Group rejected this report as completely false. Later the court also rejected Hindenburg's allegations as false. Following the allegations, LIC strategically reduced its investment in two key group companies – Adani Ports & SEZ and Adani Enterprises. During this period, several foreign investors such as Qatar Investment Authority, Abu Dhabi-based IHC, French giant Total Energy and US-based GQG Investments have invested around Rs. An investment of Rs 45,000 crore was made.