State-run insurer Life Insurance Corporation of India (LIC) on Saturday strongly denied allegations made in a report by The Washington Post that claimed Indian officials had drafted a proposal to channel approximately $3.9 billion (Rs 32,000 crore) from LIC into companies owned by the Adani Group.

Terming the allegations “false, baseless, and far from truth,” LIC said no such proposal or document had ever been prepared by the insurer or the government. The state-owned company asserted that its investment decisions are entirely independent and made strictly as per board-approved policies after detailed due diligence. Advertisement

“The allegations levelled by The Washington Post that the investment decisions of LIC are influenced by external factors are false,” LIC said in an official st

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