Norway's Sovereign Wealth Fund Excludes Adani Green Energy Citing Financial Crime Concerns

Norway's sovereign wealth fund, managed by Norges Bank, has excluded Adani Green Energy Ltd (AGEL) from its portfolio citing concerns over alleged links to financial crime, following a similar exclusion of Adani Ports in May 2024. The fund referenced "gross corruption or other serious financial crime" without further explanation. Industry officials suggested the move may reflect a narrative against renewable energy by a fossil fuel–funded investor. Norges Bank has previously excluded several Indian firms for various serious offenses. Meanwhile, domestic mutual funds have increased their holdings in AGEL amid its significant share price growth since 2020.