LIC investments in Adani Group as per SOPs, says FM Nirmala Sitharaman | India News

NEW DELHI: Union finance minister Nirmala Sitharaman on Monday said her ministry does not issue advisory or directions to LIC regarding its investment decisions, and emphasised that the investments that the state-owned insurer made in Adani Group were as per established SOPs.India’s largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Following due diligence as per established SOPs, it has bought shares across half a dozen listed companies of Adani Group, whose book value stands at Rs 38,658.85 crore and invested another Rs 9,625.77 crore in debt instruments of the conglomerate.“Ministry of finance does not issue any advisory/direction to LIC in connection with matters related to investment of LIC fund,” she said in a written reply to a question in Lok Sabha. The investment decisions of the state-owned insurer, she said, are taken by “LIC alone following strict due diligence, risk assessment and fiduciary compliance”.Such decisions are governed by provisions of Insurance Act, 1938, as well as regulations issued by IRDAI, RBI and Sebi (wherever applicable) from time to time, she said.