Hyderabad: State-owned insurance behemoth Life Insurance Corporation (LIC) on Monday clarified that its exposure to the Adani group of companies amounts to less than one per cent of its total funds that it manages.
According to a statement issued by India’s largest institutional investor, it has purchased shares of the Adani Group for Rs 30,127 crore and its market value as on January 27 is Rs 56,142 crore.
The total funds managed (Assets Under Management) by LIC are worth over Rs 41.66 lakh crore as at September 30, 2022. As on date, LIC said its exposure to the Adani group in relation its total AUM is 0.975 per cent.
As per the statement, the credit rating of all debt securities of the Adani Group of companies held by LIC are AA and above, which is in compliance with the IRDAI investment regulations.
