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Norway's wealth fund excludes India's Bharat Heavy Electricals from investments

[OSLO] India's Bharat Heavy Electricals has been excluded from the investment portfolio of Norway's US$935-billion sovereign wealth fund, the world's largest, the Norwegian central bank said on Friday.

The fund is not allowed to invest in companies that breach certain ethical guidelines, such as producing nuclear weapons, tobacco or antipersonnel landmines, or pose risk of severe environmental damage, among other criteria.

Two other companies, PetroChina and Leonardo , have been put under observation on ethical grounds and may be excluded at a later stage if no improvements are made.

Separately, the fund will follow Italy's Eni and Saipem though active ownership the central bank said.


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