Norwegian sovereign wealth fund sells all its assets in Adani Group
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Norges Bank Investment Management, manager of Norway’s Sovereign Fund, has divested itself of all of its assets in companies that are part of the Indian conglomerate Adani Group, reports Reuters. At the end of last year, the value of these assets was about $200 million.
“Since the end of the year, we have continued to reduce our shares in Adani companies. Now we do not have such assets left,” said the representative of the Norwegian fund Christopher Wright.
The Norwegian sovereign wealth fund held shares in Adani Total Gas, Adani Ports & Special Economic Zone and Adani Green Energy. According to Mr. Wright, they were all suspected of human rights violations or violations of environmental regulations.
The seven companies that make up the Adani Group lost about $110 billion in value after the publication of the Hindenburg Research investigation on January 24. It stated that “Adani Group has been involved in brazen stock manipulation and reporting fraud schemes for decades.” In addition, Hindenburg questioned the “sky-high valuation” of the group’s companies and said the conglomerate was in fact “substantially indebted”.
Adani Group is owned by Gautam Adani who started building his business empire back in the 1980s. In 2022, he entered the top three richest people on the planet. In January of this year, his fortune was estimated at $ 120 billion. But after Hindenburg published its investigation, Mr. Adani first lost places in the top ten richest billionaires according to Bloomberg, and then status richest man in Asia.
Read more about Hindenburg Research and its investigations in the material “Hindenburg, who loves falls”.
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