LIC bought bonds in Adani’s company, Rahul Gandhi told whose money is it
#News Bureau June 3,2025
Leader of Opposition in Lok Sabha Rahul Gandhi has expressed concern over the recent investment made by Life Insurance Corporation of India (LIC) in Adani Ports and Special Economic Zone Ltd (APSEZ). He called it another example of public money being used to benefit private interests.
Citing a Bloomberg report, Rahul Gandhi wrote on Twitter: “Money is yours, policy is yours, premium is yours — security, convenience, benefit to Adani!”
This is not Rahul Gandhi’s first attack on the Adani Group. Earlier also, he had accused the Adani Group of share price manipulation and accounting fraud based on a January 2023 report by Hindenburg Research. Apart from this, he also raised issues such as alleged over-invoicing in coal imports by the Adani Group and the use of foreign funds in the defense sector. Rahul has repeatedly demanded a Joint Parliamentary Committee (JPC) inquiry and claimed that Adani enjoys the protection of the Modi government. His comment that “Modi ji hides Adani’s corruption” is part of his recent rhetoric, in which he described Adani as the “protector of the Prime Minister”.
At present, there is a possibility of investigation against Adani in the US for importing LPG from Iran. Apart from this, Gautam Adani and his company Adani Green Energy are under investigation in a major corruption case in the US. In November 2024, US prosecutors charged eight people, including Adani and his nephew Sagar Adani, with a $250 million (about Rs 2029 crore) bribery scheme and fraud.
The scheme accused the Adani Group of bribing officials in India for solar power contracts. Rahul Gandhi raised the matter, asking why Adani was not being arrested in India, and questioned whether the government was protecting him. The issue has created a storm in Indian politics, and the opposition is preparing to raise it in the winter session of Parliament.
Meanwhile, the company further said, “Due to APSEZ’s strong financial position and ‘AAA/Stable’ domestic credit rating, the issue was fully subscribed by LIC and will be listed on BSE.” The funds will be used in the proposed buyback of APSEZ’s US dollar-denominated bonds, which is to be approved in the company’s board meeting on May 31, 2025.
The company has described the issue as the longest-tenure domestic bond offering ever — and one of the longest in the history of Indian capital markets. The move increases APSEZ’s average debt maturity from 4.8 years to 6.2 years, strengthening its long-term capital structure.
According to the company, “This is not just a financing exercise but a proactive implementation of our well-thought-out capital management plan. It aims to maintain a controlled debt ratio, extend debt maturities, reduce costs and diversify sources of funding — to achieve our long-term goal of becoming the world’s largest integrated transportation services company.”
