India’s LIC Backed 'Modi’s Mogul Ally' and Billionaire Adani With Billions While Global Banks Stepped Back
When global lenders gave Gautam Adani the cold shoulder this spring, the Indian state reached into its public wallet and found nearly $3.9 billion lying around. According to a Washington Post investigation, Indian officials crafted a plan to funnel those funds to Adani’s debt-heavy empire using Life Insurance Corporation of India (LIC), a state insurer meant to protect millions of poor and rural citizens. Indian Roaster on X The timing was as elegant as Tharoor's love songs of yore. Adani Ports urgently needed $585 million in May to refinance old debt. A single investor picked up the tab: LIC. According to documents and officials cited by The Washington Post , this was allegedly a government strategy, coordinated by the Finance Ministry, Department of Financial Services, and NITI Aayog. This all came as U.S. authorities charged Adani and associates with bribery and fraud in a five-count indictment, alleging a multibillion-dollar scheme to dupe investors and win solar contracts th...