LIC denied the Washington Post’s account of a proposed $3.9 billion investment in Adani businesses, calling the allegations “false, baseless, and far from truth.” The newspaper reported that officials had advanced the proposal in May 2025; LIC said it had prepared no such plan and makes investment decisions independently. The competing accounts have not been resolved by the public statements described here.
What the Washington Post reported
In an investigation published October 24, 2025, and updated October 25, the Washington Post said documents and interviews indicated that Indian officials had advanced a proposal in May 2025 to steer roughly $3.9 billion of LIC investments to Adani businesses. The figures are the newspaper’s reported estimates, not proof that the full proposal was approved or carried out.
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The Post described the proposal as roughly $3.4 billion in corporate-bond investments and an estimated $507 million in increased equity stakes. It also reported that LIC bought a $585 million Adani Ports bond issue in May. The article said it was unclear which, if any, of the additional recommended investments were made. Read the Washington Post investigation.
The newspaper said its account drew on LIC and Department of Financial Services (DFS) documents, interviews with current and former officials, and conversations with three bankers familiar with Adani finances. It reported that some interviewees spoke anonymously because they feared professional retribution. The Post attributed the proposal to DFS officials coordinating with LIC and NITI Aayog and said two officials familiar with the matter described Finance Ministry approval. These are claims in the newspaper’s reporting, not independently established findings.
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What LIC said in its rebuttal
LIC issued its response on October 25, 2025. It rejected the suggestion that external factors influenced its investment decisions, stating: “The allegations leveled by the Washington Post that the investment decisions of LIC are influenced by external factors are false, baseless, and far from truth.”
LIC also denied that it had prepared the alleged roadmap: “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.” It said its decisions are made “independently as per Board approved policies after detailed due diligence.” Read LIC’s press release.
In an exchange clarification dated October 25, LIC said the Department of Financial Services and any other body had no role in its investment decisions. That is LIC’s stated position; it does not by itself settle what government officials may have proposed outside LIC. Read LIC’s exchange clarification.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is established—and what remains unclear
The public record described in these statements establishes that the Washington Post published its account and LIC issued a categorical denial. It does not resolve the conflict between the newspaper’s account of documents and officials’ activity and LIC’s denial of an LIC-prepared plan or outside influence. The underlying documents are not available here for independent review.
The Post also reported Adani Group’s response: “We categorically deny involvement in any alleged government plans to direct LIC funds.” The newspaper said LIC, DFS, and the prime minister’s office did not respond to multiple requests before publication. These responses and reported non-responses provide context but do not determine whether the proposed additional investments were made.
Accordingly, the reported $3.9 billion should be described as a proposed investment figure in the Post’s account—not as a confirmed total invested by LIC. The reported May bond purchase is a separate transaction identified by the newspaper; it does not establish that the rest of the proposed investments occurred.
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