“Premium yours, benefit for...”: Rahul Gandhi’s dig at LIC investment in Adani

Congress leader Rahul Gandhi on Tuesday, 3 June, took a swipe at public sector LIC's Rs 5,000 crore investment in the Adani group while highlighting that public funds are being used for benefitting private entities.

"Money, policy, premium are yours; Security, convenience, benefit for Adani!" Gandhi said in a post in Hindi on X.

Adani Ports and Special Economic Zone Ltd (APSEZ), India's largest integrated transport utility, had last week said it has raised Rs 5,000 crore in its largest-ever domestic bond issue.

APSEZ raised the fund through a 15-year Non-Convertible Debenture (NCD) from Life Insurance Corporation of India (LIC), the firm said in a statement.

NCDs were raised at a competitive 7.75 per cent per annum coupon rate.

"Backed by APSEZ's strong financials and a 'AAA/Stable' domestic credit rating, the issue locked in a competitive coupon rate of 7.75 per cent p.a. and was fully subscribed by LIC. The debentures will be listed on the BSE," it said.

Gandhi has been alleging that public funds of LIC collected through insurance premiums of common public have been invested by it in the Adani group. LIC is state-run domestic financial institution which makes investments in the Indian stock market.