Sovereign wealth fund · Norway–India · February 2023 to February 2026. From Oslo, NBIM’s Christopher Wright said on February 9, 2023, that the fund had “no exposure left” to Adani Group—despite year-end 2022 holdings of roughly $199.7 million across three Adani companies in India.
Sovereign wealth fund · Norway–India · February 2023 to February 2026. From Oslo, NBIM’s Christopher Wright said on February 9, 2023, that the fund had “no exposure left” to Adani Group—despite year-end 2022 holdings of roughly $199.7 million across three Adani companies in India.
At year-end 2022, NBIM held about $199.7 million across three companies: $83.6 million in Adani Total Gas, $63.4 million in Adani Ports and Special Economic Zone, and $52.7 million in Adani Green Energy.
Hindenburg Research alleged stock manipulation and accounting fraud on January 24, 2023. Over the following two weeks, Adani companies lost about $110 billion in market value.
Those allegations were not the stated grounds for the later formal exclusions. Adani Ports was excluded over Myanmar-related conflict risks; Adani Green’s exclusion followed a later corruption case.
NBIM formally excluded Adani Ports on May 15, 2024, about 15 months after its February 2023 statement, citing an “unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict.” This rationale was unrelated to the Hindenburg allegations.
The case centered on its former container terminal in Yangon, Myanmar, on land leased from a military-backed conglomerate. Adani Ports sold the terminal in May 2023, a year before the exclusion announcement.
Observation began in March 2022; the Council on Ethics recommended exclusion on November 21, 2023. An anonymous Adani source separately claimed NBIM bought shares that October, exited in April 2024 and gained nearly 70%—an unverified account.
On August 26, 2025, NBIM was still listed as holding 0.23% of Adani Green Energy, worth $43.9 million. The unresolved position linked India’s solar developer to a later case in Brooklyn.
In November 2025, NBIM decided to exclude the company over the risk of “gross corruption or other serious financial crime.” It announced that decision only on February 26, 2026.
The rationale followed November 20, 2024, Justice Department and SEC allegations that Gautam Adani, Sagar Adani and others orchestrated an alleged $250 million bribery scheme tied to Adani Green solar contracts. The claims remain allegations, not adjudicated findings.
Adani Total Gas was NBIM’s largest Adani position at year-end 2022, worth approximately $83.6 million. As of December 31, 2025, the fund reportedly still held $3.2 million in the company.
That residual figure comes from a single source and is not independently confirmed in the available material. No formal exclusion is documented here, leaving Adani Total Gas unresolved pending NBIM’s later holdings disclosure.
NBIM’s 2024 Responsible Investment report says risk-based divestments “are not made public, in line with the fund’s investment decisions,” while ethical exclusions are publicly disclosed. Christopher Wright’s February 2023 assurance carried no formal exclusion record.
Adani Ports and Adani Green became publicly verifiable exits only through later ethical exclusions, based respectively on Myanmar-linked rights risks and corruption allegations—not Hindenburg’s January 2023 claims.
Adani Total Gas was reportedly still held at the latest available disclosure. Readers should separate a press-conference assurance from what the fund’s subsequent holdings disclosures and published ethical-exclusion decisions actually document.