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March 8, 2022

Adani Ports and others on Norway wealth fund’s radar for ethical concerns

The $1.3tn wealth fund owns a 0.7% interest in India-based Adani Ports.

Norway’s sovereign wealth fund has placed Adani Ports, Hyundai Glovis and Bombardier on a watch list for companies that could be excluded from investment for failing to abide by ethical standards, reported Reuters.

The $1.3tn wealth fund owns a 0.7% interest in India-based Adani Ports, reported the news agency, citing Refinitiv.

Adani Ports has allegedly been breaching human rights by constructing a port terminal in military-ruled Myanmar.

The company called off these plans last year and aims to completely quit the investment by June. However, the fund raised concerns on when the exit will be implemented.

Meanwhile, Hyundai Motor Group’s unit Hyundai Glovis has come under scrutiny for disposing of its decommissioned vessels in Pakistan and Bangladesh. According to Refinitiv, the fund has a 0.81% interest in South Korea’s Hyundai Glovis.

The vessels were shipped to be broken up for scrap on beaches in both countries, a practice that is known to have an adverse impact on the environment.

Canadian firm Bombardier was reportedly put on the list due to alleged corruption in six countries for more than ten years.

The fund owns a 1.2% interest in Bombardier, reported the news agency, again citing Refinitiv data. Bombardier’s transportation unit, sold last year, was linked to most of the allegations.

Separately, Adani Ports has entered into an agreement with Indian Oil to extend the existing crude oil tank farm at Mundra Port in Gujarat, India.

In April 2017, Adani Group unit Adani Ports and Special Economic Zone (APSEZ) established a joint venture with CMA CGM subsidiary CMA Terminals (CMAT) to collaboratively run a new container terminal at Mundra Port.

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