LIC Chairman to meet Adani Group’s top management soon

LIC Chairman to meet Adani Group’s top management soon

Life Insurance Corporation (LIC) Chairman MR Kumar has said that he will meet Adani Group’s top management soon, amid row over Hindenburg report.

Life Insurance Corporation (LIC) Chairman MR Kumar has said that he will meet Adani Group’s top management soon, amid row over Hindenburg report, PTI reported.

“Though our investor team has already sought clarifications from the Adanis, our top management could not contact them yet as we have been busy preparing the results. We are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group,” the chairman told reporters.

“We’ll be calling them in sometime soon to know how are they managing the whole crisis,” Kumar added.

“Though our investor team has already sought clarifications from the Adanis, our top management could not contact them yet as we have been busy preparing the results. We are soon going to call them to meet us and explain. We want to understand what is happening in the market and in the group,” the chairman told reporters at the earnings conference on Thursday.

“We’ll be calling them in sometime soon to know how are they managing the whole crisis,” Kumar added.

“Why should we be making provision when they are in the green. To some of the group companies (ACC and Ambuja Cements) our investments go back to more than two decades,” he said.

“Our total holding in the Adani group companies under equity and debt a on date is Rs 36,474.78 crore. This was Rs 35,917.31 crore as of December 31, 2022. Total purchase value of these equities of the group companies, bought over the past many years, is Rs 30,127 crore and the market value for the same at close of market hours on January 27, 2023 was Rs 56,142 crore,” LIC said in a statement on January 30.

 

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