Lok Sabha Question No. 11 (STARRED), answered on 2025-12-01
Subject: Investment by LIC in Adani Group
Ministry: FINANCE
Asked by: Dr. Mohammad Jawed, Ms. Mahua Moitra

## GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF FINANCIAL SERVICES

## LOK SABHA STARRED QUESTION No. *11

ANSWERED ON MONDAY, 01 st  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 01 st  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  30 th 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.

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## 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 01.04.2007   | POSITION AS ON 01.04.2007        | POSITION AS ON 30.09.2025   | POSITION AS ON 30.09.2025   | POSITION AS ON 30.09.2025        |
|---------|----------------------------|-----------------------------|-----------------------------|----------------------------------|-----------------------------|-----------------------------|----------------------------------|
| SR. NO. | NAME OF THE COMPANY        | Equity Book Value Rs. Crore | Debt Book Value Rs. Crore   | Total Equity + Debt Rs. In crore | Equity Book Value Rs. Crore | Debt Book Value Rs. Crore   | Total Equity + Debt Rs. In crore |
| 1       | ADANI ENTERPRISES LTD      | -                           | -                           | -                                | 8,470.60                    | -                           | 8,470.60                         |
| 2       | ADANI GREEN ENERGY LTD     | -                           | -                           | -                                | 3,486.10                    | -                           | 3,486.10                         |
| 3       | ADANI PORTS AND SEZ LTD.   | 176.44                      | 16.35                       | 192.79                           | 5,681.10                    | 9,625.77                    | 15,306.87                        |
| 4       | ADANI TOTAL GAS LIMITED    | -                           | -                           | -                                | 8,646.82                    | -                           | 8,646.82                         |
| 5       | ADANI ENERGY SOLUTIONS LTD | -                           | -                           | -                                | 3,729.68                    | -                           | 3,729.68                         |
| 6       | ADANI EXPORTS LIMITED      | -                           | 50.00                       | 50.00                            | -                           | -                           | -                                |
| 7       | ADANI POWER MAHARASHTRA L  | -                           | -                           | -                                | -                           | -                           | -                                |
|         | TOTAL                      | 176.44                      | 66.35                       | 242.79                           | 30,014.30                   | 9,625.77                    | 39,640.07                        |
| 8       | A C C LTD. **              | 1,076.77                    | 48.00                       | 1,124.77                         | 2,856.82                    | -                           | 2,856.82                         |
| 9       | AMBUJA CEMENTS LTD.**      | 674.04                      | -                           | 674.04                           | 5,787.73                    | -                           | 5,787.73                         |
|         | GROUP TOTAL                | 1,927.25                    | 114.35                      | 2,041.60                         | 38,658.85                   | 9,625.77                    | 48,284.62                        |

## Annexure II referred in reply to parts (f) of Lok Sabha Starred Question No. 11 for 01.12.2025

- a) As on 30 th  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 :
- 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.

| Ranking On Basis of Amount   | Name of the Company                           | Book Value (Amount ₹ in Crore )   |
|------------------------------|-----------------------------------------------|-----------------------------------|
| 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 ECONOMIC ZONE LIMITED | 5,681.10                          |
| 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                         |

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