Norges Bank Investment Management, Norway's sovereign wealth fund, has divested all of its stakes in Adani Group companies, according to multiple sources.
At the end of 2022, the $1.35 trillion sovereign wealth fund held a $83.6 million stakes in Adani Total Gas; a $63.4 million stake in Adani Ports & Special Economic Zone; and a $52.7 million stake in Adani Green Energy.
"Since year-end, we have further reduced in Adani companies,” said Christopher Wright, head of ESG risk monitoring at Norges Bank. “We have no exposure left.”
Reports cite a drop in share prices, as well of a number of other reasons for Norges Bank's decision to slash its exposure. Among these were potential corruption and human rights concerns.