Recent data shows that a number of US-based and international insurers have a much bigger financial exposure to Adani-controlled enterprises, despite public attention surrounding the Life Insurance Corporation of India’s (LIC) involvement in the Adani Group. For instance, US-based Athene Insurance spearheaded a debt investment of ₹6,650 crore into Mumbai International Airport Ltd (MIAL), a significant Adani business running the airport, while LIC contributed ₹5,000 crore in Adani Ports & Special Economic Zone (APSEZ) in June 2025. In June, Apollo Global Management, the parent company of Athene, announced a $750 million (about ₹6,400 crore) funding program for MIAL, continuing earlier financial support aimed at operating flexibility and deleveraging.
Adani Secures Substantial Global Financing Amid Diverse Investors:
The Adani Group successfully raised around $250 million from a consortium of international lenders including DBS Bank, DZ Bank, Rabobank, and Bank SinoPac, as part of broader credit facilities amounting to $10 billion in the first half of 2025. These funds are spread across various divisions such as the ports, renewable energy (Adani Green Energy Limited), flagship enterprises (Adani Enterprises Ltd), and power transmission businesses (Adani Energy Solutions Ltd). This diversified global financing demonstrates Adani’s continuing ability to attract institutional capital for expansion and debt servicing beyond Indian insurers.
LIC Defends Investment Practices Amid Controversy:
Responding to external reports, LIC has categorically denied any undue influence or improper investment planning regarding its stake in the Adani Group. LIC affirms that all decisions followed board-approved policies and internal due diligence aimed at maximizing returns for its policyholders. Despite controversy, LIC’s portfolio in India’s top 500 companies has grown tenfold since 2014, with its largest equity holdings in Reliance Industries Ltd, ITC, and Tata Group, with much lower proportional exposure to Adani stocks.
Adani Group’s Record Financial Performance and Global Investor Appeal:
The Adani Group’s robust financial results for FY25 and Q1 FY26 highlight its resilience and attractiveness to global institutional investors, including US insurers. In the twelve months ending June 2025, Adani’s portfolio achieved a record EBITDA of ₹90,572 crore, up nearly 10% year-on-year, driven by infrastructure, renewable energy, airports, and cement divisions. Q1 FY26 saw the highest-ever quarterly EBITDA at ₹23,793 crore, with EBITDA growth supported by business expansions and active contributions from Adani Green Energy, Adani Energy Solutions, Adani Ports & SEZ, and Ambuja Cements.
With 2.6 times net debt to EBITDA and sufficient liquidity (as of March 2025, Adani has ₹53,843 crore in cash), the company maintains low global leverage at the portfolio level. Strategic capital expenditures between ₹1.5 and ₹1.6 lakh crore per year are made possible by these operational and credit capabilities, which also boost investor confidence. Outperforming more established domestic investors like LIC and establishing the Adani Group as a major player in global infrastructure and renewables, strong performance, transparent reporting, and sectoral leadership are the reasons why international investors-US insurers in particular continue to make significant financial commitments to Adani Group companies.
LIC’s Exposure Remains a Fraction of Adani’s Total Debt:
LIC’s current exposure to Adani Group companies is estimated to be less than 2% of the total ₹2.6 lakh crore debt carried by the conglomerate. While LIC holds approximately a 4% stake in various Adani group shares, it maintains a higher stake in larger Indian conglomerates such as Reliance (6.94%), ITC Ltd (15.86%), HDFC Bank (4.89%) and SBI (9.59%). This positions LIC’s Adani investments as a relatively small proportion of its extensive diversified equity portfolio.
