Major Moves by US & Global Insurers
In June 2025, just a month after LIC made a US $570 million investment in Adani Ports & SEZ Ltd., US-based Athene Insurance led a ₹6,650 crore (approx. US $750 million) debt financing for Mumbai International Airport Ltd. (MIAL).
Meanwhile, the Adani Group secured additional financing — for example, its renewable-energy arm Adani Green Energy Ltd. raised about US $250 million from a consortium of global lenders including DBS Bank, DZ Bank, Rabobank and Bank SinoPac.
According to ratings agency S&P Global Ratings, the Adani Group signed fresh credit facilities of more than US $10 billion in the first half of 2025 across its port, energy, renewable and transmission verticals.
LIC’s Role and Exposure Under Review
In contrast, LIC says its total exposure to the Adani Group remains under 2 % of the conglomerate’s total debt of about ₹2.6 lakh crore. The insurer emphasises that its investment decisions were taken independently, via board-approved policy and detailed due diligence.
Further, LIC rejected reports in the The Washington Post alleging government interference in its investment decisions. The insurer called the claims “false, baseless and far from the truth”.
Why Global Insurers Are Stepping In
Analysts suggest global insurers are increasingly drawn to Indian infrastructure assets like those of the Adani Group because of their long-term, stable returns. The debt financed projects—ports, airports, renewable energy—offer attractive yields in a low-yield global environment.
For India, the trend underscores a growing reliance on foreign institutional capital for mega-infrastructure funding — even as domestic players like LIC juggle regulatory scrutiny and public confidence. The macro effect: India remains open for large-scale infrastructure funding from global pools of capital.
What Lies Ahead
As investigations and scrutiny around Adani’s debt and financing grow, LIC will likely face questions over governance while global insurers will keep watching return-profiles in India’s infrastructure sector. For the Adani Group, global investor confidence offers breathing room but also brings enhanced transparency expectations.
With global insurers now at the forefront of major financings, domestic policy-holders, regulators and markets will be keen to monitor how governance, accountability and risk allocation evolve in India’s insurance-infrastructure nexus.
