The state-owned life insurer has invested over Rs 78,000 crore in the group, most of it coming in the last two years.
A significant obstacle in Gautam Adani’s quest to reach a $1 trillion (Rs 81.7 lakh crore) valuation for his Adani group has been cast aside. The billionaire has found an anchor for the group’s stocks in Life Insurance Corporation of India as he focuses on the next decade of business expansion.
Over the past two years, LIC has been accumulating shares in five of the seven listed Adani companies. The country’s largest life insurer has over Rs 78,220 crore invested in the group, which is 4.9x what mutual funds have in the same stocks. A year ago, LIC’s Adani group …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
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advait@mailtmc.com
Mumbai