‘No exposure left’: Norway's wealth fund divests all Adani Group's shares

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

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.

Employees walk past the Adani House corporate building at the institutional area in Gurugram on February 8, 2023. - Shares in the flagship firm of troubled Indian conglomerate Adani rose almost 15 percent on February 7, clawing back some of its recent huge losses after saying it would repay more than $1 billion in loans. (Photo by Sajjad HUSSAIN / AFP) (AFP)

"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.

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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 & Special Economic Zone worth $63.4 million.