The Life Insurance Corporation of India on Saturday rejected a report by The Washington Post that said that the public sector company invested nearly $3.9 billion in industrialist Gautam Adani’s Adani Group following directions from the Union government.

“The allegations levelled by The Washington Post that the investment decisions of LIC are influenced by external factors are false, baseless, and far from truth,” stated the state-owned insurance and investment firm.

In a report published on Friday, The Washington Post claimed that the Union government had directed nearly $3.9 billion, or about Rs 33,000 crore, in investments from LIC India into the Adani Group at a time when the industrialist’s businesses were facing financial and legal challenges.

The Union government

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