Norway sovereign fund raised Ambani bets ahead of Adani Group exit

Overall India bets have nearly doubled since pandemic began

Norway’s Government Pension Fund Global, one of the world’s largest sovereign wealth funds, raised its bets on Reliance group companies even as it began to exit Adani Group stocks.

The $1.3-trillion fund announced earlier this month that it had completely exited Adani Group companies, citing concerns over environmental, social and governance (ESG) risks, among other reasons. The Adani Group had also faced allegations of stock manipulation and accounting fraud from US-based short seller Hindenburg Research, whose report has caused a Rs 12.4-trillion fall in the valuation of Adani Group companies. The group has denied any wrongdoing.

The Government Pension Fund