Tablesh Pandey has been named Managing Director of Life Insurance Corporation of India (LIC). Pandey will take office on or after April 1 and will serve until his superannuation date.

"Pursuant to the Government of India's Notification dated 13 March, Tablesh Pandey, Executive Director, LIC of India, Central Office, Mumbai, has been appointed as Managing Director, LIC of India vice Shri B C Patnaik with effect from the date of assumption of charge of the office on or after 1st April, 2023, and up to the date of his superannuation, or until further orders," the company said in a filing.

Tablesh Pandey is the Executive Director of India's largest insurance company.

Previously, the Financial Services Institutions Bureau recommended M Jagannath and Tablesh Pandey for positions at the state-owned insurer.

On the NSE on Tuesday, LIC shares are trading 0.50% lower at Rs 579.20 per share.

LIC appointed Siddhartha Mohanty as interim Chairman for three months beginning March 14 last week.

In another development, Finance Minister Nirmala Sitharaman provided an update on LIC's debt exposure to the troubled Adani Group yesterday.

Sitharaman stated in a written reply to the Lok Sabha that the LIC's debt exposure to Adani is Rs 6,183 crore as of March 5 — marginally less than Rs 6,347 crore as of December 2022.

Adani Ports contributed a significant portion of LIC's debt exposure to Adani Group, accounting for Rs 5,388 crore. Sitharaman stated that the exposure in Adani Power (Mundra) was Rs 266 crore.

Following a meeting with Adani Group's top management, LIC stated that it is more optimistic than ever about the conglomerate's business prospects.

According to exchange disclosures, LIC's total equity investment in Adani Group is Rs 30,127 crore, or less than 1% of its total book value.