Norway wealth fund puts India's Adani Ports, other companies on watch list

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26 Aug, 2025 12:21

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Norway's $1.3 trillion wealth fund put India's Adani Ports under observation, for possible exclusion from its investments, for the company's involvement in building a port terminal in military-ruled Myanmar, it said in a statement.
The fund also put several other companies under observation.

Norway's sovereign fund, which invests the state's revenues from oil and gas production for future generations, follows an ethical mandate set by parliament.

On its part, Adani Group released a clarification: “As a responsible corporate our intention is to create investment-friendly opportunities in Myanmar through trade and commerce which will have a multiplier effect on job creation for the local communities and contribute towards the nation's economic and social development goals. We condemn violations of the fundamental rights of all people and would continue to work with our partners and stakeholders, including business leaders, government and non-government organisations, to foster a business environment that respects human rights.”

The full statement from Adani reads:

“In light of recent media reports misrepresenting the Adani Group's investments in Myanmar, here are some factual clarifications for our stakeholders.

In 2019, the Government of India hosted the Myanmar general Min Aung Hlaing and Mundra Port was only one such location out of the multiple sites on this visit. The visit of the general at Mundra Port was hosted by officials from the Government of India and Adani Ports and Special Economic Zones Ltd. (APSEZ) facilitated the visit. Adani executives with many other attendees were present at the Indian Government-hosted visit. Mementos were exchanged as a cultural courtesy, which is customary practice. No gifts were exchanged between APSEZ executives and Myanmar general Min Aung Hlaing on his visit in 2019.

In 2020, APSEZ won the Yangon International Terminal project through a globally competitive bid. The project fully owned and developed by APSEZ is an independent container terminal with no joint venture partners. The land acquisition for the project was facilitated by the Myanmar Investments Commission led by U Thaung Tun, its Chairman and Minister of Investment and Foreign Economic Relations under the guidance of Her Excellency State Counsellor Aung San Suu Kyi's National League for Democracy government.

Much like our global peers, we are watching the situation in Myanmar carefully and will engage with the relevant authorities and stakeholders to seek their advice on the way forward. As a responsible corporate our intention is to create investment-friendly opportunities in Myanmar through trade and commerce which will have a multiplier effect on job creation for the local communities and contribute towards the nation's economic and social development goals. We condemn violations of the fundamental rights of all people and would continue to work with our partners and stakeholders, including business leaders, government and non-government organisations, to foster a business environment that respects human rights. We are also working with independent think tanks to ensure mitigation of human rights violations risks and building equal opportunity platform through sustainable value creations powered by critical port infrastructure."