Life Insurance Corporation of India (LIC) holds about Rs 38,659 crore in equity and about Rs 9,626 crore in debt across Adani Group companies as of September 30, 2025, the finance ministry informed Lok Sabha on Monday.
The state-run insurer’s exposure rose sharply from Rs 1,927 crore in equity and Rs 114 crore in Adani group firms as on April 1, 2007.
The exposures to some of the group companies are as follows: Adani Total Gas (Rs 8,646.82 crore), Adani Enterprises (Rs 8,470.60 crore), and Adani Ports (Rs 15,306.87 crore), the latter combining both equity and debt holdings. ACC and Ambuja Cements, acquired by the Adani Group in 2022, add to LIC’s cumulative exposure, finance minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
LIC’s top five private equity investments
LIC’s top five equity investments in the private sector are led by Reliance Industries Limited, with an outstanding equity investment of Rs 40,901.38 crore. This is followed by Infosys Limited, in which LIC holds equity worth Rs 38,846.33 crore. In the third position is Tata Consultancy Services Limited (TCS), with an equity exposure of Rs 31,926.89 crore. Close behind is HDFC Bank Limited, where LIC’s outstanding equity investment stands at Rs 31,664.69 crore, while it has invested Rs 30,133.49 crore in Hindustan Unilever Limited (HUL).
The finance ministry clarified that the LIC invested Rs 5,000 crore in secured non-convertible debentures (NCDs) issued by Adani Ports and Special Economic Zone (APSEZ) in May 2025, based on LIC’s established due-diligence and risk-assessment procedures. It emphasised that the government did not issue any direction or advisory to LIC or other public sector financial institutions to invest in Adani Group companies.
What did the minister say?
“There is no direct oversight by the government on investments made by LIC,” the minister said, adding that all decisions are taken independently by LIC based on commercial and fiduciary considerations. The corporation’s investment processes are subject to verification by concurrent auditors, statutory auditors, system auditors, internal financial control auditors, and internal vigilance mechanisms. Periodic inspections are also undertaken by IRDAI.
The clarification comes amid sustained scrutiny of LIC’s investments in the Adani Group, especially after renewed regulatory reviews earlier this year.
On the broader investment strategy, LIC’s equity book value in private sector companies stands at Rs 7.04 lakh crore, significantly higher than its public sector equity exposure of Rs 2.35 lakh crore. The insurer’s debt exposure shows an inverse pattern, with Rs 2.63 lakh crore in public sector debt and Rs 2.02 lakh crore LICin private sector debt.