**Executive Summary**
This document is the official response by the Finance Minister to Starred Question No. *11 in Lok Sabha on December 1st, 2025, concerning the Life Insurance Corporation of India's (LIC) investments in the Adani Group. It details LIC's investment policies, due diligence processes, and specific investments in Adani Group companies. A Statement is laid on the Table of the House.
**Key Points / Main Content**
* **Investment Details:**
* LIC invested Rs. 5000 crore in secured Non-Convertible Debentures (NCD) issued by Adani Ports Special Economic Zone (APSEZ) in May 2025.
* The investment followed due diligence and Standard Operating Procedures (SOPs) approved by LIC's Board.
* **Investment Policy and Oversight:**
* The Ministry of Finance does not issue advisories/directions to LIC regarding investment decisions.
* LIC's investment decisions are independently made, based on strict due diligence, risk assessment, and fiduciary compliance.
* These decisions adhere to the Insurance Act, 1938, and regulations by IRDAI, RBI, and SEBI.
* LIC primarily invests in the top 500 companies listed on NSE and BSE, with a focus on larger companies.
* As of September 30th, 2025, the book value of LIC's investment in Nifty 50 companies is Rs. 4,30,776.97 Cr, representing 45.85% of its total equity investment.
* LIC's investment functions are verified by various auditors and the sector regulator IRDAI. The Government does not directly oversee LIC investments.
* **Adani Group Investments:**
* Details of LIC's holdings in Adani Group companies, company-wise, are provided in Annexure I.
* An exhaustive list of LIC's investments may affect the Corporation’s operations
* As of September 30th, 2025, LIC's total investment in debt and equity in various companies and the top 5 public and private companies is available in Annexure II.
* **Investment Transparency:**
* According to SEBI guidelines, all listed companies must disclose shareholders holding 1% or more equity stake, thus the information about companies, where LIC holds 1% or more equity stake, is available in public domain.
**Impact Analysis**
**Stakeholder: LIC (Life Insurance Corporation of India)**
* **Impact:** The document clarifies LIC's investment strategies and compliance procedures.
* **Action Required:** Continue to adhere to internal policies and regulatory guidelines for investment decisions and ensure that investments in Adani Group and other companies are within the established risk parameters.
**Stakeholder: Ministry of Finance / DFS (Department of Financial Services)**
* **Impact:** The document reaffirms the arm’s length relationship between the Ministry and LIC's investment decisions.
* **Action Required:** Maintain the policy of non-interference in LIC's investment choices while ensuring compliance with regulations.
**Stakeholder: Policyholders**
* **Impact:** Clarification on the investment portfolio and risk management practices employed by LIC.
* **Action Required:** No direct action required, but understanding that their funds are invested following due diligence and regulatory compliance.
**Stakeholder: Adani Group Companies**
* **Impact:** A comprehensive overview of the investments made by LIC in Adani Group.
* **Action Required:** Stay updated on LIC's investment and be prepared to comply with disclosure requirements as a listed entity.
Key Entities Referenced
Life Insurance Corporation of India (LIC): An Indian statutory insurance and investment corporation, which is the subject of the starred question regarding its investment in Adani Group companies.
Adani Group: An Indian multinational conglomerate that is the focus of inquiry regarding investments by LIC.
Ministry of Finance: The Indian government ministry responsible for addressing the starred question in Lok Sabha.
Insurance Regulatory and Development Authority of India (IRDAI): The regulatory body overseeing insurance companies in India, including LIC, mentioned in the context of compliance.
Lok Sabha: The lower house of the Parliament of India, where the starred question was raised and answered.
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES
LOK SABHA
STARRED QUESTION No. *11
ANSWERED ON MONDAY, 01st DECEMBER, 2025/ AGRAHAYANA 10, 1947 (SAKA)
Investment by LIC in Adani Group
*11. DR. MOHAMMAD JAWED :
MS. MAHUA MOITRA :
Will the Minister of Finance be pleased to state:
(a) whether it is a fact that the Life Insurance Corporation of India (LIC) has recently made
investment into the Adani Group despite ongoing regulatory scrutiny and if so, the details of
the total investment made in this regard;
(b) whether any directions or advisories were issued by the Ministry or DFS to LIC or other
public sector financial institutions to invest in Adani Group companies, if so, the details thereof
and the reasons therefor;
(c) the details of due diligence, risk assessment, and fiduciary compliance undertaken prior to
such investments, including whether SEBI or RBI were consulted;
(d) whether the Government has reviewed potential implications of such investments for
policyholders, market integrity, and institutional independence and the preventive steps
taken/being taken to ensure transparency and accountability;
(e) the number of Adani Group companies in which LIC currently holds investments and the
total value of such investments company-wise along with the details of the first investment
made by LIC in Adani Group companies, including the year and the amount invested; and
(f) the list of all private sector companies in which LIC has made investments along with the
corresponding amount invested in each company?
ANSWER
THE FINANCE MINISTER
(SMT. NIRMALA SITHARAMAN)
(a) to (f): A Statement is laid on the Table of the House.
***********STATEMENT REFERRED TO IN REPLY TO PART (a) TO (f) OF LOK SABHA STARRED
QUESTION NO. *11 FOR 01st DECEMBER, 2025 REGARDING “INVESTMENT BY LIC IN
ADANI GROUP” TABLED BY DR. MOHAMMAD JAWED AND MS. MAHUA MOITRA,
HON’BLE MEMBERS OF PARLIAMENT
(a) to (d) : Life Insurance Corporation of India (LIC) has invested Rs. 5000 crore in secured
Non-Convertible Debentures (NCD) issued by Adani Ports Special Economic Zone (APSEZ)
in May 2025, after doing due diligence following established Standard Operating Procedures
(SOPs) as per their Board approved policies.
Ministry of Finance does not issue any advisory/direction to LIC in connection with matters
related to investment of LIC fund. The investment decisions of LIC are taken by LIC alone
following strict due diligence, risk assessment and fiduciary compliance and are governed
by the provisions of Insurance Act, 1938 as well as regulations issued by Insurance
Regulatory and Development Authority of India (IRDAI), Reserve Bank of India (RBI) and
Securities and Exchange Board of India (SEBI) (wherever applicable) from time to time.
Broadly, LIC's investments reflect that it invests in the top 500 companies listed on NSE and
BSE and a major portion of LIC’s investment currently is in the larger companies out of these.
Book value of LIC’s investment in Nifty 50 companies, as on 30th Sept 2025, is Rs.
4,30,776.97 Cr which is 45.85% of its total equity investment.
The Investment functions of the corporation are verified by Concurrent Auditors, Statutory
Auditors, System Auditors, Internal Financial Control (IFC) Auditors and internal Vigilance
team. Periodical inspections are also done by the sector Regulator IRDAI in this regard.
There is no direct oversight by Government on investments made by LIC.
(e)and (f) The details of LIC’s holding in Adani group companies – company wise is attached
as Annexure - I. This is as per the data available in the LIC system from 2007 onwards.
Providing an exhaustive, granular list of companies, in which LIC has invested, may not be
commercially prudent and could affect LIC’s operational debt interests. As on 30th
September 2025, LIC’s total investment in the Debt and Equity in various companies, list of
top 5 public and private companies having equity and investment of LIC and ranking of
Adani group of companies by equity exposure is placed at Annexure - II.
**********Annexure I referred in reply to parts (e) of Lok Sabha Starred Question No. 11 for 01.12.2025
LIC's HOLDING IN ADANI GROUP OF COMPANIES
POSITION AS ON 01.04.2007 POSITION AS ON 30.09.2025
Equity Book Debt Book Total Equity Equity Book Debt Book Total Equity +
SR. NAME OF THE Value Rs. Value Rs. + Debt Rs. Value Rs. Value Rs. Debt Rs. In
NO. COMPANY Crore Crore In crore Crore Crore crore
1 ADANI ENTERPRISES
- - - 8,470.60 - 8,470.60
LTD
2 ADANI GREEN ENERGY
- - - 3,486.10 - 3,486.10
LTD
3 ADANI PORTS AND SEZ
176.44 16.35 192.79 5,681.10 9,625.77 15,306.87
LTD.
4 ADANI TOTAL GAS
- - - 8,646.82 - 8,646.82
LIMITED
5 ADANI ENERGY
- - - 3,729.68 - 3,729.68
SOLUTIONS LTD
6 ADANI EXPORTS
- 50.00 50.00 - - -
LIMITED
7 ADANI POWER
- - - - - -
MAHARASHTRA L
176.44 66.35 242.79 30,014.30 9,625.77 39,640.07
TOTAL
8
1,076.77 48.00 1,124.77 2,856.82 - 2,856.82
A C C LTD. **
9
AMBUJA CEMENTS
674.04 - 674.04 5,787.73 - 5,787.73
LTD.**
GROUP TOTAL 2,041.60
1,927.25 114.35 38,658.85 9,625.77 48,284.62
** The companies have been newly acquired by Adani Group w.e.f. 16.09.2022Annexure II referred in reply to parts (f) of Lok Sabha Starred Question No. 11 for
01.12.2025
a) As on 30th Sep 2025, LIC’s investment exposure in the Debt and Equity of public and private
sector companies is as follows:
(in Rs. Crore)
Particulars Book value – Equity Book value – Debt
Public Sector 2,35,469.10 262,695.00
Private Sector 7,04,024.67 202,046.00
Total 9,39,493.77 4,64,741.00
b) LIC’s Equity and debt exposure in top 5 companies as of 30.09.2025 is as follows:
▪ LIC’s Top-5 Debt investments in PUBLIC SECTOR: (₹ in Cr)
S. No. Company Name Total Outstanding
1 POWER FINANCE CORPORATION LTD. 48,662.98
2 INDIAN RAILWAY FINANCE CORPORATION 40,571.04
3 RURAL ELECTRIFICATION CORPORATION 38,982.80
4 NATIONAL HIGHWAY AUTHORITY 35,209.00
5 STATE BANK OF INDIA 14,614.00
▪ LIC’s Top-5 Debt investments in PRIVATE SECTOR : (₹ in Cr)
S. No. Company Name Total Outstanding
1 HDFC BANK LTD. 49,149.14
2 RELIANCE INDUSTRIES LTD 14,012.34
3 ICICI BANK LTD. 13,435.00
4 SHRIRAM FINANCE LTD 11,075.00
5 ADANI PORTS AND SEZ LTD. 9,625.77
▪ LIC’s top 5 Equity investments in PUBLIC SECTOR : (₹ in Cr)
S. No. Company Name Total Outstanding
1 STATE BANK OF INDIA 26,872.98
3 COAL INDIA LIMITED 21,860.75
2 OIL & NATURAL GAS CORPN. LTD. 21,179.46
4 PUNJAB NATIONAL BANK 9,231.35
5 GENERAL INSURANCE CORPORATION OF INDIA 7,628.17
▪ LIC’s top 5 Equity investments in PRIVATE SECTOR : (₹ in Cr)
S. No. Company Name Total Outstanding
1 RELIANCE INDUSTRIES LTD. 40,901.38
2 INFOSYS LTD 38,846.33
3 TATA CONSULTANCY SERVICES LTD. 31,926.89
4 H D F C BANK LTD. 31,664.69
5 HINDUSTAN UNILEVER LTD. 30,133.49▪ The ranking of exposure in Adani Group Companies vis –a-vis exposure of the
Corporation in both Private and Public Sector Companies as at 30.09.2025 :
Ranking Name of the Company Book Value
On Basis (Amount ₹ in Crore
of Amount )
25 ADANI TOTAL GAS LIMITED 8,646.82
27 ADANI ENTERPRISES LTD 8,470.60
40 AMBUJA CEMENTS LTD. 5,787.73
43 ADANI PORTS AND SPECIAL 5,681.10
ECONOMIC ZONE LIMITED
65 ADANI ENERGY SOLUTIONS LTD. 3,729.68
71 ADANI GREEN ENERGY LTD 3,486.10
81 A C C LTD. 2,856.82
Total 38,658.85
c) As per SEBI guidelines, all listed companies have to disclose the names of the shareholders
holding 1% or more of the shares held in the company. Accordingly, the information about
companies, where LIC holds 1% or more equity stake, is available in public domain.
*****