Norway Withdraws Funds From Indian BHEL Over Rampal Concerns AFPNorway’s sovereign wealth fund, the world’s largest, has taken Indian industrial giant Bharat Heavy Electricals out of its investment portfolio due to environmental concerns, the Norwegian central bank said on Friday. Bharat Heavy Electricals has been targeted because it is building a coal-fired power plant in the Sundarbans, one of the world’s largest mangrove forests straddling Bangladesh and the Indian state of West Bengal. The fund-worth an estimated 8.1 trillion kroner (852 billion euros, $934 billion) — has also placed Chinese oil giant PetroChina and Italian aerospace group Leonardo under observation over corruption allegations, said the Bank of Norway, which manages the wealth fund. Some 65 senior executives at PetroChina, a listed entity of the Chinese oil giant CNPC, are being investigated on suspicion of bribery in China, Canada and Indonesia. More than a hundred groups, including giants like Airbus, Boeing, British American Tobacco and Wal Mart, have been blacklisted and a dozen others are under observation.

Source: Energy Bangla May 05, 2017 13:18 UTC