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Mar 29, 2012, 04.02 PM IST | Source: CNBC-TV18

Norway's Govt Pension Fund reduces its exposure to India

Norway's Government Pension Fund, the world's second largest sovereign fund with around USD 600 billion worth of assets under management has scaled down its exposure to Indian equities, reports CNBC-TV18s Harish Rao.

Norway's Government Pension Fund, the world's second largest sovereign fund with around USD 600 billion worth of assets under management has scaled down its exposure to Indian equities, reports CNBC-TV18s Harish Rao.

In its annual report, Norways Government Pension Fund has said that it has reduced its exposure to Indian equities into 2011. It has cut investments in Indian stock from 246 companies in 2010 to 122 companies in 2011. Its total investment in India also fell to around USD 1.8 billion from USD 3.5 billion in 2010.

Amongst the stocks, which it has completely exited, include Coal India , DLF , Adani , Bank of Baroda , Aurobindo Pharma and Essar Oil . However it has also exited some midcap and smallcap banks like Allahabad Bank , Andhra Bank , Bank of Maharashtra , and Syndicate Bank . But the point to note here is that in any of these the fund did not have holding of more than 1%.

It has also reduced its stake in some of the frontline indices including Reliance , Infosys , ICICI Bank and Suzlon . However, Suzlon Energy stands out here as the fund has reduced its exposure maximum in this, down 0.14% from 1.14% in 2010.

Amongst the companies where it has increased its exposure significantly include Lanco Infratech where the company has significantly increased exposure to 8.65% from 2.84% in 2010.

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