Norway's sovereign wealth fund pulls out of Adani
The Hindu
Norway's sovereign wealth fund excludes Adani Green Energy from its portfolio, citing concerns over alleged financial crime links.
Norway's $1.2 trillion sovereign wealth fund, the world's largest, has decided to exclude Adani Green Energy Ltd (AGEL) from its portfolio due to concern about its alleged links to financial crime.
Norges Bank, which had in May 2024 excluded Adani Ports and Special Economic Zone Ltd, on its website added AGEL to the list of companies that it has decided to exclude from its portfolio. It cited "gross corruption or other serious financial crime" as the criterion for its decision but gave no explanation.
When Norges Bank first bought AGEL shares in July 2020, the share price was ₹341. Today it is ₹944.
While AGEL did not immediately offer any comments, industry officials said a fossil fuel funded sovereign fund is trying to create a narrative against a renewable company.
Norges Bank Investment Management, the entity managing the Norwegian sovereign wealth fund, had previously excluded Indian blue chip firms like Oil and Natural Gas Corporation (ONGC), Coal India, Bharat Electronics Ltd, BHEL, GAIL India Ltd, ITC, Larsen & Toubro, NHPC, NTPC, and Vedanta Ltd from its portfolio for serious offences ranging from production of coal or coal-based energy to environmental damage, sale of weapons to states in armed conflicts and production of tobacco and nuclear weapons.
The fund itself is a significant player in the oil and gas sector. It has been instrumental in financing oil and gas developers through bonds.
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