New Delhi: The world’s largest sovereign wealth fund has decided to exclude Adani Green Energy Limited from its portfolio due to concerns about ‘gross corruption or other serious financial crime’.Norway’s $2-trillion wealth fund, managed by Norges Bank Investment Management, had in May 2024 excluded Adani Ports and Special Economic Zone Ltd.Adani Group has so far not commented on the decision.In its website’s ‘Decisions on Exclusion’ in May 15, 2024, the Norges Bank wrote:The Norges Bank Executive Board has decided to exclude the company Adani Ports and Special Economic Zone Ltd due to unacceptable risk that the company contributes to serious violations of individuals’ rights in situations of war or conflict, ref. the conduct-based criterion in the Guidelines for Observation and Exclusion from the Government Pension Fund Global § 4 b.”It says that the company – Adani Ports and SEZ Ltd – has been under observation since March 2022.“The decision is based on a recommendation from the Council on Ethics of 21 November 2023,” the Bank said.A separate entry on its website notes that until November 2025, the Executive Board of Norges Bank decided whether companies should be excluded from the fund’s investment universe or placed on an observation list, in accordance with guidelines established by the Norway Ministry of Finance. While a Norwegian government-appointed committee reviews the ethical framework behind such decisions, the temporary guidelines in place allow the Norges Bank only to revoke previous decisions on observation and exclusion, but not make new decisions on observation or exclusion of companies.Adani Green Energy now appears in an alphabetical list of the companies that Norges Bank – as of November 2025 – had decided to exclude or put on observation. The list, produced in part below, says that the November 2025 decision was communicated three months later, on February 26, 2026. A PTI report notes that the fund had previously excluded Indian blue chip firms like Oil and Natural Gas Corporation (ONGC), Coal India, Bharat Electronics Ltd, BHEL, GAIL India Ltd, ITC, Larsen & Toubro, NHPC, NTPC, and Vedanta Ltd from its portfolio for serious offences ranging from production of coal or coal-based energy to environmental damage, sale of weapons to states in armed conflicts and production of tobacco and nuclear weapons.The news outlet Mlex has reported that the Norges Bank held a 0.23% stake in Adani Green Energy worth $43.9 million in the first half of 2025.Once a company is excluded from the fund, its shares are sold and the fund won’t invest in it again until the exclusion is lifted.On November 20, 2024, the US Securities and Exchange Commission (SEC) filed a civil complaint against Gautam Adani, chairman of Adani Green Energy Ltd, and his nephew Sagar Adani, the company’s executive director, alleging they orchestrated a bribery scheme involving payments or promises totalling hundreds of millions of dollars to Indian government officials.The charges arose from a September 2021 bond offering by Adani Green that raised over $175 million from US investors.In January this year, after India challenged its authority to issue summonses, the US SEC moved a federal court to bypass diplomatic channels and allow service on Gautam Adani and Sagar Adani via their US counsel and email.