Norway’s wealth fund has excluded Bharat Heavy Electricals from its investment portfolio because of concerns over the environmental impact of a plant the Indian company is building, the Norwegian central bank said on Friday. The $935-billion Norwegian fund, the world’s largest, is not allowed to invest in companies that breach certain ethical guidelines set by the Norwegian Parliament. BHEL, an engineering and manufacturing company that is majority-owned by the government of India, did not reply to requests for comment. It’s stock was excluded from the Norwegian fund’s portfolio because of “the risk of severe environmental damage” resulting from the building of a coal-fired power plant close to the Sundarbans, the world’s largest mangrove forest, in Bangladesh, the fund’s ethics watchdog said in a statement. The fund has sold all its holdings in BHEL, which it did ahead of the publication of the decision.

Source: Dhaka Tribune May 05, 2017 12:22 UTC