New Delhi
Life Insurance Corporation of India has confirmed that "most information with regard to its investments is available in public domain", Parliament was informed on Tuesday, Feb 7.
Stating this in Rajya Sabha, Union Minister of State for FinanceDr Bhagwat Karad said, "It has informed that all investments carried out strictly as per the Insurance Act, 1938 & the IRDAI Investment Regulations, 2016 and guided by a detailed governance mechanism".
He was replying to questions from BJP member Sushil Kumar Modi.
The Minister said LIC's total holding under equity and debt is Rs. 35,917.31 crores as on December 31, 2022"under Adani group of companies".
The total purchase value of equity, purchased over the last many years, under all the Adani group companies is Rs 30,127 crores and the market value for the same as at close of market hours on Jan 27th was Rs 56,142 crores.
"Further, the total Assets Under Management (AUM) by LIC are over Rs. 41.66 lakh crore as at 30.09.2022. Therefore, LIC's exposure in the Adani group, as on date, is 0.975% of LIC's total AUM at book value,"the Minister said.
Among other things, BJP member Sushil Modi, was also held the portfolio of Finance in Bihar,wanted to know on the stakes held by LIC in Adani Group, Value of LIC’s holdings in Adani Group,dividends of LIC from equity investments in the business house run by Gautam Adani.
Sushi Modi also wanted to know about the trends of LIC investments in Adani Ports.
After three days of logjam on the Adani Group issue, most opposition parties decided to participate in
Parliament proceedings from Tuesday.
The popular business house Adani Group has seen its market value plunge after a US investment firm made certain allegations against it.
Of course, the Adani Group has denied the allegations, calling them "malicious" and "baseless".It also said the business and investment plans have not changed.
The 'Short seller' Hindenburg Research accused the group of "brazen" stock manipulation. It is reported that the group's founder Gautam Adani has seen billions wiped off his personal wealth and has dropped out of the list of the world's top 20 richest people.
However, analysts will be keen to see how the stock price slide affects the company's operations, cash flow and related expansion plans.
The opposition leaders have been raising the Adani issue in parliament right from the beginningof the Budget session.
There is, however, another story, experts say the controversy has been kicked off at a time when many developed economies are on the verge of recession and braving oddsIndia continues to progress.
In this background, it is being observed that the Hindenburg research could be a well-organised "conspiracy" against India and its growth trajectory.
ends
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