Public sector insurer LIC strongly defended its investments in tobacco major ITC, saying a sale of its stakeholding would neither prevent people from taking up smoking nor help smokers kick the habit.

LIC defends investment in tobacco major ITC

Public sector insurer LIC  strongly defended its investments in tobacco major ITC

LIC Chairman V K Sharma speaks

Announcing the company’s quarterly results on Tuesday, Chairman VK Sharma said that LIC is sensitive to protecting policyholders’ interests and giving them good returns in the long run.

LIC Chairman V K Sharma speaks during a press conference in Mumbai

A group of petitioners had filed a public interest litigation (PIL) last month seeking to force State-owned enterprises to offload their stakes in ITC, India’s biggest cigarette maker.