Earlier, LIC had also dismissed these allegations via a post on ‘X’. In its denial, LIC categorically stated that the allegations leveled by the American daily, which had suggested that Indian officials drafted a proposal in May to steer roughly $3.9 billion in investments from the state-owned insurer to Adani Group companies, are “false, baseless, and far from truth.”

The insurer went on to deny the core of the report, affirming that “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 Adani group of companies.”

In a move to reaffirm the integrity and autonomy of its internal governance, LIC clarified the rigorous process behind its investment decisions. The company stated that “Investment decisions are taken by LIC independently as per Board approved policies after detailed due diligence.”

The insurer refuted any external interference, stating unequivocally that the “Department of Financial Services or any other body does not have any role in such decisions.” This statement underscores LIC’s position that its multi-billion dollar investment portfolio is managed solely through internal expertise and established corporate policy.