While India’s state insurer faced political heat over its Adani bets, deep-pocketed US insurers quietly poured hundreds of millions into the conglomerate’s crown jewels — including the country’s busiest airport.

In June 2025, just weeks after Life Insurance Corporation of India (LIC) invested ₹5,000 crore ($570 million) in Adani Ports & SEZ, US-based Athene Insurance led a ₹6,650 crore ($750 million) debt financing round for Mumbai International Airport Ltd (MAIL). The deal, confirmed by Athene’s parent Apollo Global Management on June 23, drew participation from several other international insurers, as per a report. Advertisement

Apollo described the transaction as an “investment grade rated financing,” its second major round with MAIL following a previous debt restructuring deal.

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