Report: LIC Channelled $3.9 Billion to Adani Group
According to an investigation by The Washington Post, the Life Insurance Corporation of India (LIC) channelled $3.9 billion toward Adani Group as part of a government-backed plan.
Lok Sabha Leader of Opposition Rahul Gandhi was among the first to react to this revelation in June, when Gautam Adani's empire faced mounting debt earlier this year.
Help arrived not from wary global lenders but from a taxpayer-funded institution meant to secure the savings of ordinary Indians.
- The plan was drafted by senior officials in India's Department of Financial Services (DFS) in May.
- It was prepared in consultation with LIC and the government's think tank NITI Aayog.
- The strategic objectives included "signaling confidence in Adani Group" and "encouraging participation from other investors".
The plan was subsequently approved by the finance ministry, according to two officials.
Author's summary: LIC channelled $3.9 billion to Adani Group in a government-backed plan.