LIC’s stake in Adani Green Energy Ltd experienced a significant surge, more than doubling to ₹3,937.62 crore within a year. In the fiscal year 2023-24, LIC, the state-owned insurance giant, witnessed a remarkable 59% increase in the value of its investments in Adani group entities. This surge comes on the heels of a smart recovery by the conglomerate following the Hindenburg row.
According to data from stock exchanges, LIC’s investment value in seven Adani group companies escalated from ₹38,471 crore as of March 31, 2023, to ₹61,210 crore by March 31, 2024, marking a notable increase of ₹22,378 crore.
Despite facing political pressures, LIC strategically reduced its exposure to Adani Ports & SEZ and Adani Enterprises, only to observe impressive surges of 83% and 68.4%, respectively, in their shares.
Even with the reduction in ownership, LIC witnessed a 59% surge in investment value in FY24, as per stock exchange data. While domestic investors encountered challenges, overseas investors capitalized on the opportunity, with heavyweights like the Qatar Investment Authority, Abu Dhabi-based IHC, French giant TotalEnergies, and US-based GQG Investment collectively investing close to ₹45,000 crore in Adani stocks.
Specifically, LIC’s investment in Adani Enterprise Ltd rose from ₹8,495.31 crore as of March 31, 2023, to ₹14,305.53 crore a year later. Similarly, its investment in Adani Ports and SEZ increased from ₹12,450.09 crore to ₹22,776.89 crore as of March 31, 2024.
Adani Green Energy Ltd witnessed the most significant surge in LIC’s investment value, more than doubling to ₹3,937.62 crore in just one year. Additionally, LIC experienced value appreciation in its investments in Adani Total Gas Ltd, Ambuja Cements, and ACC.
In the year following the Hindenburg report, Adani has solidified its position as India’s premier infrastructure conglomerate, with a strong emphasis on leading the nation’s green energy transition alongside a robust presence in critical sectors like airports, ports, data centers, and roads.