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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →The Centre told the Lok Sabha that LIC’s equity and debt book value in Adani Group companies was ₹48,284.62 crore as of 30 September 2025. That comprised ₹38,658.85 crore in equity and ₹9,625.77 crore in debt. These are dated book values—not a current market valuation. The Finance Ministry’s answer and annexure also identify the companies and describe LIC’s investment decision process.
What does the ₹48,284.62 crore figure include?
The figure is the combined book value of LIC’s reported equity and debt positions in the Adani Group companies listed in the Ministry of Finance annexure, measured on 30 September 2025. It is not the amount LIC has spent to acquire the shares, nor the market value of those holdings on that date or today.
| Position | Book value on 30 September 2025 |
|---|---|
| Equity | ₹38,658.85 crore |
| Debt | ₹9,625.77 crore |
| Combined | ₹48,284.62 crore |
The numbers are from the Centre’s 1 December 2025 Lok Sabha answer. The disclosure’s cutoff is September 2025; it does not establish LIC’s exposure at a later date.
How is the reported exposure divided by company?
The annexure lists equity book values for seven companies. It records debt book value against Adani Ports and SEZ Ltd (APSEZ); the table shows no debt amount for the other six companies.
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| Company | Equity book value | Debt book value | Combined book value |
|---|---|---|---|
| Adani Enterprises Ltd | ₹8,470.60 crore | Nil in annexure | ₹8,470.60 crore |
| Adani Green Energy Ltd | ₹3,486.10 crore | Nil in annexure | ₹3,486.10 crore |
| Adani Ports and SEZ Ltd | ₹5,681.10 crore | ₹9,625.77 crore | ₹15,306.87 crore |
| Adani Total Gas Ltd | ₹8,646.82 crore | Nil in annexure | ₹8,646.82 crore |
| Adani Energy Solutions Ltd | ₹3,729.68 crore | Nil in annexure | ₹3,729.68 crore |
| ACC Ltd | ₹2,856.82 crore | Nil in annexure | ₹2,856.82 crore |
| Ambuja Cements Ltd | ₹5,787.73 crore | Nil in annexure | ₹5,787.73 crore |
The annexure separately gives ₹39,640.07 crore as a subtotal for the first six listed Adani entities, excluding ACC and Ambuja Cements. Its group total includes those two cement companies, which it notes Adani Group acquired effective 16 September 2022.
The same statement ranks the equity positions among LIC’s other public- and private-sector company holdings: Adani Total Gas 25th, Adani Enterprises 27th, Ambuja Cements 40th, APSEZ 43rd, Adani Energy Solutions 65th, Adani Green Energy 71st, and ACC 81st. These rankings refer to the annexure’s equity amounts, not combined equity and debt.
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What debt did LIC add in May 2025?
Finance Minister Nirmala Sitharaman’s written answer says LIC invested ₹5,000 crore in secured non-convertible debentures issued by APSEZ in May 2025. It describes the investment as made after due diligence under established standard operating procedures and board-approved policies. The annexure later records ₹9,625.77 crore of APSEZ debt book value as of 30 September 2025. The ₹5,000 crore transaction is one part of that later debt position, not the total debt figure.
How does the figure compare with earlier LIC disclosures?
A 7 February 2023 Rajya Sabha answer reported LIC’s total Adani-group equity and debt holding at ₹35,917.31 crore on 31 December 2022. That answer also gave ₹30,127 crore as cumulative equity purchase value over many years and ₹56,142 crore as equity market value at the close of trading on 27 January 2023. These are different measures and dates from the September 2025 book-value snapshot, so they do not form a like-for-like performance comparison. The 2023 parliamentary answer said the Adani exposure at book value represented 0.975% of LIC’s total assets under management, which it put at over ₹41.66 lakh crore as of 30 September 2022.
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For another scale reference, the December 2025 answer said LIC’s book value investment in Nifty 50 companies was ₹4,30,776.97 crore as of 30 September 2025, or 45.85% of its total equity investment. That is a different investment universe and denominator from the Adani group total, which includes both equity and debt.
Did the government direct LIC to invest in Adani companies?
The Centre told Parliament that the Ministry of Finance does not issue advice or directions on LIC fund investment decisions and that LIC makes its own decisions. Its answer describes decisions as subject to due diligence, risk assessment, fiduciary obligations, board-approved policies, and applicable insurance and financial-sector rules. Those are the government’s descriptions of LIC’s governance and oversight; they do not independently establish the prudence or outcome of a particular investment.
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A separate 8 December 2025 Lok Sabha answer says LIC investments are governed by the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 and LIC board-approved policies. It describes a 15% investee-group exposure limit for both equity and debt, measured against an insurer’s respective funds, and says LIC informed the government that its positions were within IRDAI exposure norms. It also describes internal research and due diligence, quarterly Investment Committee review, portfolio monitoring and rebalancing, debt assessments using financials, balance-sheet ratios and credit ratings, audits, and IRDAI inspections. The 8 December answer presents these as the applicable framework and LIC’s reported processes.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What has been reported about alleged investment directions?
The Centre’s position sits alongside a public dispute. In an article dated 26 October 2025, The Indian Express reported allegations attributed to a Washington Post investigation that officials had prepared a proposal to direct roughly $3.9 billion toward Adani businesses. The report also quoted LIC calling the allegations false and baseless and saying no such investment roadmap had been prepared. It reported an unnamed government official as saying the Department of Financial Services had not asked LIC to invest, and said Adani Group denied involvement in an alleged plan. The Indian Express report records those competing claims; the parliamentary answer and the report do not independently resolve them.
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What the numbers do—and do not—show
- They show a dated accounting snapshot. The ₹48,284.62 crore total is the book value reported for 30 September 2025.
- They distinguish holdings. Equity accounts for ₹38,658.85 crore and debt for ₹9,625.77 crore; the full total should not be described as shares, loans, or a market valuation.
- They do not by themselves show investment performance. Book value alone does not establish gains, losses, current market value, or the rationale for each position.
- They do not settle the allegation about external direction. The Centre’s statement and the reported allegation and denials should remain attributed to their respective sources.
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