MUMBAI: Life Insurance Corporation, the biggest Indian institutional investor, may be the second biggest owner of stakes in Tata Group companies valued at about Rs 35,000 crore, but the overall ownership has fallen during the time of Cyrus Mistry at the helm. Data shows that LIC reduced holding in Tata Chemicals, Tata Steel, Tata SpongeBSE -0.36 % and other companies. However, its value in the group increased 52% to Rs 35,670 crore from Rs 23,370 crore between December 2012 and September 2016. “It could be purely incidental that LIC had brought down its investments in Tata group company during Cyrus’ term,” said Arun Kejriwal director at investment advisory firm KRIS. LIC looks at a group’s philosophy before investing and they are clear about it.” Most of the Tata Group companies have been hit by global conditions and the only cash cow is Tata Motors where LIC has retained its investments, Kejriwal added
