Norway’s largest pension fund investing in Adani Ports has asked to exit the company. According to the company, Adani Ports is violating trade rules.
Adani Ports
The troubles of Gautam Adani, one of the world’s richest and chairman of the Adani Group, are not seeming to end. Now they have got another blow. In fact, Norway’s largest pension fund KLP Company, which has invested in his popular company Adani Ports and Special Economic Zone (Adani Ports and SEZ), has suddenly pulled its hands. KLP now wants to exit from the project. According to him, Adani Ports is related to the military of Myanmar, which is against the policies of the company.
Norway’s Pension Fund says that the partnership of Adani Ports with the Myanmar military is a violation of our policies and it is not acceptable to us. So we have decided to exit from Adani Ports. KLP has invested $1.05 million in Adani Ports, or about Rs 8 crore. However, no official statement has yet come out from Adani Ports in this matter. It is to be known that some time back, the shares of almost all the companies of Adani Group had declined due to fake news of account freeze of 3 FPIs investing in the company. This reduced the net worth of Gautam Adani.
Land taken on lease from Myanmar Military
The Adani Group is building the port for $290 million on land leased from Myanmar’s Military-backed Economic Corporation (MEC). The poll of the Adani Group’s deal with the Myanmar Army was exposed by Australia’s ABC news channel. According to the channel report, India’s Adani Group has made a deal with the military to build a port in Yangon city. Adani Group was paying $30 million as land lease fee to Myanmar Economic Corporation for this entire project. The entire deal is being valued at $52 million. Out of this, $ 22 million is said to be found later. In the initial phase, investors were silent on this issue, but seeing the increasing risk, investors are slowly pulling out of it.
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