Connect with us

Bussiness

Adani Ports & SEZ shares stable a day after Norway’s Norges Bank exit

Published

on


A day after Norway’s Norges Bank decided to sell its shares in Adani Ports & Special Economic Zone, the company’s shares closed stable at Rs 1,336 a share on Friday.


Norges had cited Adani’s investment in a port in Myanmar for its decision.


A company source said Adani Ports & SEZ had sold the Myanmar asset entirely in May last year, and there has been no incremental disclosures made regarding the asset as the company has fully exited after concerns were raised over the port.

The Norwegian Fund started buying into the company afterwards in mid-October and made nearly 70 per cent gains on its first purchase in the last six months until it exited fully in April.


“They did not reach out to the company regarding the Myanmar asset at any point,” said a company source, asking not to be quoted.


Norges Bank Investment Management had earlier exited from other Indian companies citing other concerns.


In April 2023, it exited GAIL India, a government owned entity, citing similar concerns.


In January 2023, it sold its stake in Bharat Electronics citing “sale of weapons to states in armed conflict.”


On Wednesday, the Government Pension Fund Global (GPFG), world’s largest sovereign wealth fund, said it had kept APSEZ out of its investment outlook owing to “ethical considerations” concerning the firm’s sale of its port in Myanmar last year. 


This has been the outcome of a decision of the Norwegian central bank, Norges Bank, which has also kept out United States-based L3Harris Technologies and China’s Weichai Power.

First Published: May 17 2024 | 7:14 PM IST

Continue Reading