Life Insurance Corporation of India i.e. LIC has earned a profit of 59% from its investments in Adani Group companies in the financial year 2023-2024. A big fall in the shares of Adani Group was seen due to the report of American short seller Hindenburg. However, it has been more than a year since this report. Since then, the group’s shares have seen a tremendous recovery. According to stock exchange data, LIC’s total investment in seven companies of Adani Group increased from Rs 38,471 crore on March 31, 2023 to Rs 61,210 crore on March 31, 2024. That means LIC has made a profit of Rs 22,378 crore in one year from this investment. LIC’s investment in Adani Enterprise Limited increased from Rs 8,495.31 crore on March 31, 2023 to Rs 14,305.53 crore after a year. During this period, LIC’s investment in Adani Ports increased from Rs 12,450.09 crore to Rs 22,776.89 crore. The investment of the insurance company in Adani Green Energy Limited more than doubled in a year to Rs 3,937.62 crore. LIC has also earned good profits on its investments in Adani Total Gas Limited, Ambuja Cement and ACC. Last year, after allegations of stock manipulation in Adani Group in the Hindenburg Report, LIC also had to face questions on its decision to invest in the group. However, Adani Group had termed Hindenburg’s report as completely false. Facing political pressure, LIC had strategically reduced its investment in Adani Group’s two major companies, Adani Ports and Adani Enterprises. However, shares of Adani Ports have risen by 83% and shares of Adani Enterprises have risen by 68.4%. According to stock market data, despite reducing investment, LIC made a profit of 59% on its investment in Adani Group in FY 2023-24. During this period, many foreign investors – Qatar Investment Authority, Abu Dhabi based IHC, French company Total Energy and America based GQG Investment invested about Rs 45,000 crore in Adani Group companies.
