Norway’s wealth fund’s phased divestment in Adani Group came to an end, when it sold its remaining stakes worth over $200 million in remaining three Adani Group companies in last two months, said the world’s largest stock investor on Thursday.
The wealth fund sold its stakes in three companies of Adani group, ie Adani Total Gas, Adani Ports and Special Economic Zones and Adani Green Energy.
The $1.35 trillion sovereign wealth fund made it clear that in recent weeks it divested virtually all its remaining shares in companies belonging to Adani group.
The fund had sold its stakes from five Adani companies since 2014 and by the end of 2022, they owned shares in three of its companies.
“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.
“Since year-end, we have further reduced in Adani companies. We have no exposure left,” he added.
At the end of 2022, the Norwegian fund owned Adani Green Energy’s sharaes worth $52.7 million, a stake in Adani Total Gas worth $83.6 million. It also enjoyed ownership in Adani Ports & Special Economic Zone worth $63.4 million.
The Norweigan fund is managed by a unit of the central bank. It owns 1.3% of all globally listed shares and has stakes in more than 9,000 companies.
Notably, Adani Group lost its $110 billion of wealth on Indian stocks after the US based short seller Hindenburg Research accused the conglomerate in its report of improper use of offshore tax havens and stock manipulation. The Adani Group’s seven main companies are listed in the Indian-listed stocks.
The allegations made by the report on the business tycoon has also become a hot potato in the current political scenario of the country. However, the Adani Group has denied any wrongdoing.
