Norwegian sovereign fund sells remaining stakes in Adani firms

OSLO: Norway’s $1.35 trillion sovereign wealth fund said on Thursday it has in recent weeks divested virtually all its remaining shares in companies belonging to India’s Adani group.

“We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks,” Christopher Wright, the fund’s head of ESG risk monitoring, told a news conference.

The fund had divested from five Adani companies since 2014 and at the end of 2022, it remained invested in three, including Adani Ports.

“Since year-end, we have further reduced in Adani companies. We have no exposure left,” he said.

At the end of 2022, the Norwegian fund held shares in Adani Green Energy worth $52.7 million, a stake in Adani Total Gas worth $83.6 million and ownership in Adani Ports and Special Economic Zone worth $63.4 million.