Life Insurance Corporation of India (LIC) on Saturday said its investments in Adani group companies have been made independently and in accordance with its board-approved policies, following detailed due diligence.

“Department of Financial Services (in the Union Finance Ministry) or any other body does not have any role in such (investment) decisions,” LIC said in a statement posted on X.

India’s largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Its investment value in India’s top 500 companies has grown 10-fold since 2014 — from Rs 1.56 lakh crore to Rs 15.6 lakh crore — reflecting strong fund management.

“The investment decisions are taken by LIC independently as per Board-approved policies after detaile

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