Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has excluded Adani Green Energy Ltd (AGEL) from its investment universe, citing concerns over 'gross corruption or other serious financial crime', according to disclosures
on the website of Norges Bank Investment Management.
The decision makes Adani Green the second company from the Adani group to be barred by the Norwegian fund after Adani Ports and Special Economic Zone Ltd (APSEZ) was excluded in May 2024.
The Fund, which manages assets exceeding US$2trn (trillion) and owns around 1.5% of the world’s listed market-capitalisation, did not provide specific details or evidence underpinning its decision against Adani Green.
As of 26 August 2025, the Norwegian wealth fund held a 0.23% stake in Adani Green valued at US$43.9mn (million), when it last voted on the company’s shareholder resolutions. Market reports indicate that once a company is formally excluded, the Fund sells its holdings and refrains from reinvesting unless the exclusion is lifted.
On Friday, Adani Green closed 1.77% lower at ₹948.2 on the BSE, compared with a 1.17% decline in the benchmark Sensex. The stock has fallen by over 7% so far this year, compared with a drop of over 4% in the broader index.
Separately, the Norwegian fund also held a 0.05% stake, valued at US$3.2mn, in Adani Total Gas Ltd as of 31 December 2025.
In May 2024, Norges Bank excluded APSEZ, citing what it described as an 'unacceptable risk' that the company contributed to serious violations of individuals’ rights in situations of war or conflict. At that time, the fund referred to the company’s ownership of a port terminal in Myanmar following the military coup there. Adani Ports has since risen by 18% since its exclusion.
The wealth fund’s exclusion list includes more than 200 companies globally and 16 Indian companies, among them Coal India Ltd, NTPC Ltd, Bharat Electronics Ltd, Bharat Heavy Electricals Ltd, ITC Ltd and Vedanta Ltd.
Globally, companies such as Berkshire Hathaway Inc, Walmart Inc, Boeing and Philip Morris International have also featured on the exclusion list of NIBM under various ethical criteria.
The decision comes amid ongoing legal proceedings in US involving Adani group leadership. In November 2024, US regulators indicted group chairman Gautam Adani and his nephew Sagar Adani, a director at Adani Green Energy, on charges including alleged bribery and securities fraud.
The US Securities and Exchange Commission (SEC) and the US department of justice (DoJ) alleged that bribes were paid to unnamed Indian government officials to secure renewable power supply contracts and that these were not disclosed while raising funds from American investors. The Adani Group has denied wrongdoing, and the case remains pending before a US court.
Norges Bank’s latest move follows reports that lawyers for the SEC and Adani executives recently agreed on a structured timeline for submissions before a US district court, signalling a potentially extended legal battle.
The Norwegian sovereign wealth fund, built on the country’s oil revenues, operates under strict ethical investment guidelines set by the Norwegian ministry of finance. It is barred from investing in companies involved in tobacco production, coal mining, nuclear weapons and certain human rights violations, among other criteria.
Its decisions are closely watched globally because of its size and long-term investment approach. Since 1998, the fund has delivered a 6% annualised return, placing it among the more conservative large sovereign funds worldwide.
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