Smriti Mandhana becomes the first Indian and second overall after Suzie Bates to score 4000 runs in women's T20Is, achieving the milestone in just 3227 balls. India women's return to international cricket brought the continuation of Smriti Mandhana's streak of breaking records across formats
LIC has invested over Rs 48,284 crore in Adani Group, says Centre
The Life Insurance Corporation of India had invested Rs 48,284.62 crore in industrialist Gautam Adani's Adani Group companies till September 30, the Union government has told the Parliament.
This came over a month after The Washington Post reported that LIC had invested nearly $3.9 billion, or about Rs 33,000 crore at the time, in the Adani Group following directions from the Union government.
The newspaper had claimed that the Union government directed the investments at a time when Adani's businesses were facing financial and legal challenges.
In a written reply in Lok Sabha on Monday, Union Finance Minister Nirmala Sitharaman stated that the public sector company had invested Rs 5,000 crore in secured non-convertible debentures issued by Adani Ports and Special Economic Zone in May.
This took LIC's total investment in the conglomerate to Rs 38,658.85 crore in equity and Rs 9,625.77 crore in debt, showed the reply.
Non-convertible debentures are used by companies to raise capital without giving investors the option to convert them into equity. Investors get returns through regular interest payments and a fixed principal repayment at maturity.
Sitharaman's reply came on questions by Congress MP Mohammad Jawed and Trinamool Congress' Mahua Moitra.
The MPs had asked the Union government if it had issued directions to LIC or other public sector companies to invest in Adani Group companies and whether the Centre had reviewed the potential implications of such decisions for policyholders, market integrity and institutional independence.
In her reply, Sitharaman stated that the Ministry of Finance does not issue directions to LIC in matters related to its investments.
“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 as well as regulations issued by Insurance Regulatory and Development Authority of India, Reserve Bank of India and Securities and Exchange Board of India,” stated the finance minister.
In its report, The Washington Post claimed that it had obtained internal documents showing how the Union Ministry of Finance fast-tracked a proposal in May to direct nearly $3.9 billion in investments from LIC India to the Adani Group despite being aware of the risks.
The investments came at a time when the conglomerate needed funds to refinance its dollar debt obligations, the report claimed
In 2024, a United States court indicted Adani for his alleged role in a $265 million, or nearly Rs 2,236 crore, bribery and fraud scheme related to solar projects in India. The indictment had led to reluctance among global banks and financial institutions to extend loans to the conglomerate.
The report had claimed that officials at the Department of Financial Services, a department under the Union Finance Ministry responsible for overseeing the financial sector, working in coordination with LIC India and NITI Aayog, developed the investment plan that had been approved in May.
The Adani Group had categorically denied involvement in “any alleged government plans” to direct LIC India funds.
“LIC invests across multiple corporate groups – and suggesting preferential treatment for Adani is misleading,” the conglomerate said in response to questions from The Washington Post. “Moreover, LIC has earned returns from its exposure to our portfolio.”
LIC India had stated that its investment decisions were taken “independently as per board-approved policies after detailed due diligence”.
It added that no government body had any role in its investment process.
Source: Scroll
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Smriti Mandhana becomes the first Indian and second overall after Suzie Bates to score 4000 runs in women's T20Is, achieving the milestone in just 3227 balls. India women's return to international cricket brought the continuation of Smriti Mandhana's streak of breaking records across formats
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