Total exposure of 5 state-run general insurance cos in Adani group at Rs 347 cr: MoS Finance

New Delhi: Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 percent of their total assets under management (AUM), in Adani group of companies, said Finance Ministry on Monday. In reply to a question on details of money lent by banks and financial institutions to the Adani group, the Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha that the RBI Act prohibits disclosure of credit information submitted by a bank.

Exposure in the Adani group is 0.975% of LIC's total AUM at book value of Rs 41.66 lakh cr

With regard to exposure by insurance companies, Karad said that the state-run Life Insurance Corporation of India (LIC), on January 30, said that LIC's total holding under equity and debt is Rs 35,917.31 crores as on December 31, 2022, in Adani group of companies. The exposure in the Adani group is 0.975 percent of LIC's total AUM at book value of Rs 41.66 lakh crore.

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'Other public sector insurance companies' exposure to Adani group is Rs 347.64 cr of total AUM of all five companies'

"As per data received from Public Sector General Insurance companies, namely New India Assurance Company Ltd, United India Insurance Company Ltd, National Insurance Company Ltd, Oriental Insurance Company Ltd and General Insurance Corporation of India, total exposure in Adani Group of Companies as on January 31, 2023 is Rs 347.64 crore which is 0.14 percent of the total AUM of all the five companies," Karad said.

With regard to other financial institutions including, Exim Bank, Small Industries Development Bank of India, National Housing Bank, National Bank for Financing Infrastructure, National Bank for Agriculture and Rural Development, Karad said that they are bound by provisions of the concerned Acts and are prohibited from divulging any information relating to their constituents.

Stocks of the Adani group companies had taken a beating, losing billions of dollars in market value, after US-based activist short-seller Hindenburg Research in a report dated January 24 made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group.

The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

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