PakkaHyderabadi 
Global insurance firms are now among the top financial backers of the Adani Group.
Global insurers have emerged as some of the largest financial backers of billionaire Gautam Adani’s business empire, surpassing the investments made by India’s Life Insurance Corporation (LIC), according to recent corporate financing disclosures.
In June 2025, U.S.-based Athene Insurance, part of Apollo Global Management, led a $750 million (₹6,650 crore) investment in Mumbai International Airport Ltd (MIAL), one of Adani Group’s key infrastructure assets. The deal, classified as “investment-grade financing,” marks Athene’s second major funding round for the airport operator, signaling long-term confidence from global institutional capital.
This new financing came just weeks after LIC invested ₹5,000 crore ($570 million) in Adani Ports & SEZ. Despite the political spotlight on LIC’s exposure to the Adani Group, data shows that foreign insurers and global funds have injected significantly larger amounts into Adani-controlled firms over the past year.
Strong International Support
Recent filings show that Adani Group secured more than $10 billion in new credit lines and fund infusions in the first half of the year through deals across its flagship businesses:
- Adani Ports & SEZ (APSEZ): Multi-billion refinancing from global banks
- Adani Green Energy Ltd (AGEL): $250 million from banks including DBS, Rabobank and DZ Bank
- Adani Energy Solutions: Long-term foreign currency loans for transmission expansion
- Adani Enterprises: Capital secured for airport and data center projects
Credit rating firm S&P Global recently noted that the group has regained access to international capital markets “much faster than expected” after last year’s turbulence.
LIC Pushes Back on Reported Pressure
LIC has come under intense scrutiny after a foreign media article alleged government pressure on the insurer to invest in Adani companies. In a rare rebuttal, LIC called the report “false, baseless and misleading,” stating it follows independent investment decisions backed by due diligence.
LIC clarified that:
- Its total exposure to the Adani Group is less than 2% of Adani’s total group debt
- Adani is not LIC’s largest corporate holding
- LIC’s portfolio across India’s top 500 companies has grown 10x since 2014
LIC’s Top Holdings by Value
| Company | LIC Holding Value |
|---|---|
| Reliance Industries | ₹1.33 trillion |
| State Bank of India | ₹79,361 crore |
| ITC Ltd | ₹82,800 crore |
| HDFC Bank | ₹64,725 crore |
| Adani Group (Total) | ₹60,000 crore |
| Tata Consultancy Services | ₹57,000 crore |
Former LIC Chairman Siddhartha Mohanty also stated that “the government never interferes directly or indirectly in LIC’s investment calls.”
Adani CFO Hits Back
Adani Group CFO Jugeshinder Singh dismissed the foreign media narrative sharply, calling it “absurd misinformation.” He said the group has no refinancing stress and is instead prepaying debt, pointing to a $450 million bond buyback launched in June.
Why Global Insurers Are Interested
Analysts say global insurers prefer long-term infrastructure investments because they generate stable cash flows. With India ramping up airports, ports, renewables and logistics development, the Adani Group has become one of the leading destinations for patient capital.
“International insurers want assets that offer predictable returns, and Indian infrastructure fits that model well,” said a senior investment strategist at a global advisory firm.
As foreign capital continues to flow into the conglomerate, the numbers suggest that global investors—not LIC—are now playing the biggest role in funding Adani’s expansion.
