Norway’s wealth fund will not invest in Adani Green over corruption allegations
Norway’s sovereign wealth fund, the world’s largest management asset with over $2.2 trillion, has decided not to invest in Adani Green Energy Ltd, citing allegations of corruption and financial crimes against the company.
State Pension Fund Global held 0.23% of Adani Green Energy as of August 26, 2025, when the company last voted on shareholder resolutions; this stock was worth $43.9 million at the time. Norges Bank, which manages the sovereign wealth fund, has not commented on whether it has sold its shares since then.
The decision was made public on its website on Thursday, adding Adani Green to its exclusion list, making it the second group company among more than 200 companies that do not comply with the Norwegian wealth fund’s ethics.
Adani Ports and Special Economic Zone Ltd was added to the list on May 15, 2024, as it owns a port terminal in Myanmar, where armed forces overthrew the democratically elected government in a coup.
Norges did not disclose details or evidence supporting the corruption allegations against Adani Green Energy. As a practice, the fund provides a detailed explanation when it adds a company to its exclusion list.
A spokesman for Norges declined to comment. Adani Group did not respond to questions.
Given the size of its assets, Norges’ investment decisions may have a significant impact on foreign investors. The fund has approximately 1.5% of its globally listed market capitalization.
Shriram Subramanian, managing director of proxy advisory firm InGovern, said: “The departure of a key investor like Norges from the company may lead to several other foreign investors selling their shares in the company. However, this does not affect the company’s ability to attract investors.” “There are various classes of investors, and there is always a chance the company will look at other types of investors.”
Adani indictment
US regulators in November 2024 charged Adani Group chairman Gautam Adani and his nephew, as well as Adani Green Energy director Sagar Adani, with corruption and securities fraud. The U.S. Securities and Exchange Commission and the U.S. Department of Justice have filed charges against the Adani family and several other executives over allegations they bribed unnamed government officials in India to obtain renewable energy supply contracts. US regulators later alleged that they failed to disclose this bribery when raising funds from American investors in the US, thus committing securities fraud. The case continues in US court.
The Indian conglomerate had previously denied any wrongdoing. In late January, Adani Green Energy announced that the claims and litigation had been brought against its executives, not the company.
Norges’ decision comes just a month after lawyers representing the US SEC and Adani executives agreed to a structured timeline for filing before a US district court, setting the stage for a potentially lengthy legal battle.
Adani Green Energy’s shares closed with a decrease of 1.77 percent ₹The benchmark was at 948.2 on the BSE on Friday, compared to a 1.17% decline in the Sensex. The scrip has lost over 7% so far this year, against a decline of over 4% in the Sensex.
Besides Adani Green Energy, the Norwegian fund held a 0.05% stake in Adani Total Gas Ltd worth $3.2 million as of Dec. 31.
Even Berkshire Hathaway was excluded
Norges has strict investment criteria required by Norwegian law.
The sovereign wealth fund is prohibited from investing in companies that, among other things, produce or sell tobacco or cannabis products, are engaged in coal mining or coal-based energy production, are part of the nuclear weapons ecosystem, or are accused of human rights violations. Such criteria enable even Warren Buffett-controlled Berkshire Hathaway Inc. to exclude investments in coal or coal-based energy.
The exclusion list includes 16 Indian companies, including Bharat Electronics Ltd, Bharat Heavy Electricals Ltd, ITC Ltd. Vedanta Ltd, Coal India Ltd, NTPC Ltd and Tata Power Ltd.
