“This government supports Adani and will not allow any harm or any detriment to come to it,” said Hemindra Hazari, a Mumbai-based independent expert on Indian corporate finance.
It seemed “abnormal” for LIC to invest such large sums of money in a private corporate entity, said Hazari, who previously worked as an analyst at UBS. And further business troubles for Adani could put the insurance giant at “grave risk,” he added. “If anything happens to LIC … it’s only the government that can bail it out.”
