Adani Ports blacklisted by Norway Central Bank, hence losing onto its government pension funding

The central bank of Norway has blacklisted three companies, including Adani’s Ports and Special Economic Zone (APSEZ), from its government pension fund citing ethical concerns.

On Wednesday, the Norges Bank said that it has blacklisted the company because of an unacceptable risk that the firm contributes to the serious violations of individuals’ rights in situation such as war or conflict. Apart from India’s Adani Ports, the other two companies, which has been blacklisted are US based L3Harris Technologies and China’s Weichai Power.

Advertisement

The Indian company has been on the radar since March 2022 and the decision of excluding it comes from the recommendation of Council of Ethics of November 21, 2023, said Norges Bank.

According to the Council, APSEZ stated that it has sold its port related operations to Solar Energy Ltd in Myanmar. However, there is no information available on buyer’s part.

“Lack of information means that the Council cannot establish whether APSEZ has links to the enterprise concerned. In a situation in which extremely serious norm violations are taking place, this contributes an unacceptable risk that the GPFG’s (The Government Pension Fund Global) investments in APSEZ may breach its ethical guidelines,” it added.