The minister informed that Life Insurance Corporation of India (LIC) had said on January 30 that its total holding and debt of Adani group companies as on December 31, 2022 was Rs 35,917.31 crore. He said that this amount is only 0.975 percent of the total capital of LIC of Rs 41.66 lakh crore.
Adani Group shares continue to fall
Shares of most of the Adani group companies continued to decline on Monday as well. The company, however, attempted to play down the market sentiment and said that its growth plans are on track, business plans are fully funded and it remains committed to delivering shareholder returns. The market value of seven companies of the group has halved after the Adani group was accused of fraud in the released report. The group, however, rejected all the allegations.
Expansion plans on track
A spokesperson for the group said, “The accounts of each of our independent companies are excellent. We have the healthiest growth potential in the industry, strong corporate governance, secure assets, strong cash flow and our business plans are fully funded.” The group dismissed reports of cut in growth target and capex. “Projects may be delayed but none have been postponed or canceled and plans for solar, green hydrogen and airport expansion are on track.” The spokesperson said, “Each entity will review its capital market strategy once the current market stabilises. Rest assured, we remain confident in the continued ability of our units to deliver superior shareholder returns.”
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