LIC chairman V K Sharma defends investments in ITC

MUMBAI: Life Insurance Corporation of India chairman V K Sharma has defended the state-run insurer’s investments in a major tobacco company, saying that holding or not holding shares in the company has nothing to do with the issue of smoking.

“It is not a war between smoker and non-smoker or a cigarette or non-cigarette company,” Sharma said on Tuesday.

“LIC has to protect the capital because it is a company which is national.”

A public interest litigation was filed in Bombay High Court in April against LIC and four state-run general insurance companies for investing in cigarette makers ITC and VST Industries.