The big names in India Inc, from Reliance to Tata Steel, Larsen & Tourbo and Mahindra & Mahindra, were all relying on the Life Insurance Corporation (LIC) to raise rupee debt via non-convertible debentures, since equities got devalued and overseas debt became expensive. There was pressure on the insurance regulator, IRDA to allow LIC to invest more aggressively in these corporate debt instruments.
