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. This is an area with "universally unique environmental qualities" the Council on Ethics said, adding that "there is an unacceptable risk of the company contributing to or being responsible for severe environmental damage". The fund has sold all its holdings in BHEL, which it did ahead of the publication of the decision. The fund did so gradually so as not to alert market participants.

Source: bd News24 May 05, 2017 12:22 UTC