US investors hold a significant stake in the Adani Group; several firms, including DBS Bank and Rabobank, have invested billions.
The Life Insurance Corporation of India’s (LIC) investment in the Adani Group has been in the headlines. However, recent data shows that the largest investments in billionaire Gautam Adani’s companies have come not from LIC, but from leading US and global insurance companies.
In June 2025, LIC invested $570 million (approximately Rs 5,000 crore) in Adani Ports & SEZ. A month later, US-based Athene Insurance invested Rs 6,650 crore (US$750 million) in debt in Adani’s Mumbai International Airport. This investment also included several major foreign insurance companies. On June 23, Apollo Global Management, Athene’s parent company, announced that its managed funds, affiliates, and other investors had completed a $750 million investment in Mumbai International Airport Limited. This was Apollo’s second major funding for Mumbai Airport.
Several foreign companies have invested in the group.
Adani Green Energy Limited has raised approximately $250 million in loans from several international banks, including DBS Bank, DZ Bank, Rabobank, and Bank Sinopec Co. Ltd. According to an August report by S&P Global Ratings, the Adani Group signed new loan agreements totaling over $10 billion for its ports, renewable energy, core company, and power transmission units in the first half of the year.
Why the investment of global insurance companies?
Adani Group Chief Financial Officer Jugeshinder Singh, taking a dig at the US media report, said that the Washington Post’s writing on finance is like Jeff Bezos and I consulting on hair loss. Analysts say that insurance companies worldwide are rapidly investing in infrastructure projects due to stable profits. India’s rapidly growing infrastructure sector, led by the Adani Group, is now attracting keen interest from international investors.
LIC in the news after media report
A recent Washington Post report claimed that government officials influenced LIC’s investment decisions amid hesitation from global investors. This report brought LIC’s investment in the Adani Group into the spotlight. On Saturday, LIC dismissed the report as completely false and baseless, stating that its investments in Adani Group companies were made independently. All decisions were made after board approval and thorough investigation. Former LIC Chairman Siddhartha Mohanty also stated that the government never interferes, either directly or indirectly, in LIC’s investment decisions.
Adani is not LIC’s largest holding
LIC has made all investment decisions over the past few years based on due diligence and fundamental facts. LIC’s largest holdings are not in the Adani Group, but in Reliance Industries, ITC, and the Tata Group. LIC holds about 4 percent of the Adani Group’s shares, 6.94 percent in Reliance Industries, 15.86 percent in ITC Ltd., 4.89 percent in HDFC Bank, and 9.59 percent in State Bank of India (SBI). Additionally, LIC holds a 5.02 percent stake in Tata Consultancy Services (TCS), valued at about ₹5.7 lakh crore.
