Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, has excluded Adani Green Energy Limited from its investment universe citing concerns related to serious financial crime.
The world’s largest sovereign wealth fund, valued at $2 trillion, has decided to exclude Adani Green Energy Limited from its portfolio.
The decision was recorded under the fund’s framework for exclusion based on unacceptable risk of gross corruption or other serious financial crime. Adani Group has not issued a public response to the development.
On May 15, 2024, the fund had excluded Adani Ports and Special Economic Zone Ltd. The decision was based on a recommendation from the Council on Ethics dated November 21, 2023.
The company had been under observation since March 2022 under the conduct based criteria in the guidelines governing the Government Pension Fund Global.
Read More: Adani Green Incorporates UAE Subsidiary AREMEL to Expand Renewables!
Until November 2025, the Executive Board of Norges Bank determined whether companies were to be excluded or placed under observation, in line with guidelines set by Norway’s Ministry of Finance.
The November 2025 decision regarding Adani Green Energy was communicated publicly on February 26, 2026. Current temporary guidelines permit revocation of earlier decisions but do not allow new exclusions to be initiated during the review period.
The fund has previously excluded Indian companies such as Oil and Natural Gas Corporation, Coal India, Bharat Electronics Ltd, BHEL, GAIL India Ltd, ITC, Larsen and Toubro, NHPC, NTPC and Vedanta Ltd for reasons including environmental damage, coal based energy production and other conduct related criteria.
As per news reports, the fund held a 0.23% stake in Adani Green Energy worth $43.9 million in the first half of 2025. Once excluded, shares are sold and reinvestment is not permitted unless the exclusion is lifted.
On November 20, 2024, the US Securities and Exchange Commission filed a civil complaint against Gautam Adani and Sagar Adani, alleging a bribery scheme linked to a September 2021 bond offering that raised over $175 million from US investors.
In January 2026, the regulator sought court approval to serve summons through alternative channels after jurisdictional challenges were raised.
As of March 02, 2026, at 8:19 AM, Adani Green Energy share price on NSE was closed at ₹947.35 down by 1.93% from the previous closing price.
The exclusion of Adani Green Energy by Norway’s sovereign wealth fund adds to a series of regulatory and governance related developments involving the group. The decision follows established ethical guidelines governing the fund’s investment universe and aligns with earlier actions taken against other companies.
Disclaimer: This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Mar 2, 2026, 9:08 AM IST
Team Angel One
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