Norges Bank excludes Adani Ports from government pension fund
Adani Ports has been excluded because of an "unacceptable risk that the company contributes to serious violations of individuals' rights in situations of war or conflict." This company, part of billionaire Gautam Adani's conglomerate, had been under scrutiny by the central bank since March 2022.
Weichai Power, a transportation equipment manufacturer, is being excluded due to its involvement in selling weapons to states engaged in armed conflicts, where these weapons are used in ways that violate international rules.
L3Harris Technologies is being excluded because of its role in developing and producing components for nuclear weapons.
Adani Ports, Weichai Power, and L3Harris did not immediately respond to requests for comment on their exclusions. The statement did not specify the size of the fund's stakes in these companies.
(Source: Reuters & ET Energy)