Norway sovereign wealth fund removes Adani Green Energy from invest universe
This story was originally published at 19:22 IST on 27 February 2026
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By Aaryan Khanna
NEW DELHI – Norges Bank Investment Management, manager of Norway's sovereign wealth fund, said it has excluded Adani Green Energy Ltd. from its investment universe. The world's largest sovereign fund held a voting share of 0.23% in the renewable power company at the end of June, representing an investment of $43.92 million, according to latest public holding data.
"I can confirm Adani Green Energy has been excluded from the fund's investment universe, and the fund no longer has any investments in the company," a spokesperson for the investment manager, which held assets with a market value of $2.11 trillion on Dec. 31, said in an emailed response. "I regret to inform you that we do not have any further comments on this."
The US Securities and Exchange Commission, the US capital markets regulator, had alleged in November 2024 that top executives of Adani Green, including group head Gautam Adani and nephew Sagar Adani, had bribed Indian state government officials to buy the firm's power at above-market prices to benefit the company. Norway's sovereign wealth fund had in May 2024 excluded Adani Ports and Special Economic Zone Ltd. from its global pension fund schemes due to "unacceptable risk", after a recommendation from its council of ethics.
The Adani Group's renewable energy company had reported a consolidated net loss of INR 410 million for the December quarter, against a net profit of INR 4.92 billion a year ago and a net profit of INR 5.83 billion for the trailing quarter. The company's consolidated revenue for the December quarter was INR 26.18 billion, up around 12% on year but down 13% on quarter. Adani Green Energy's shares ended nearly 2% lower at INR 947.35 on the National Stock Exchange Friday. End
US$1 = INR 90.97
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Rajeev Pai
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