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Norway’s sovereign wealth fund excludes Adani Ports from portfolio citing ties to war

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Norway’s $1.6 trillion sovereign wealth fund has decided to exclude Adani Ports & Special Economic Zone Ltd. from its portfolio, citing “unacceptable risks” that the Adani Group firm is linked to human rights violations in war and conflict zones.

Norges Bank Investment Management, which manages the fund, announced the decision in a statement on Wednesday, May 15.

The fund also excluded the US-based L3Harris Technolgies Inc-a firm that develops components for nuclear weapons.

It also blacklisted China’s Weichai Power on concerns that it is contributing to the sale of military equipment to Russia and Belarus.

The decision is based on a recommendation last year in November from Norway’s Council on Ethics, which advises the Oslo-based fund.

Billionaire Gautam Adani’s logistics and transportation firm was under scrutiny for its plan to develop a container terminal in Yangon on property leased from a Myanmar military-owned business.

The company sold that port project last year.

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

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.

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