GPFG made 253 investments in Indian equities
The world's largest sovereign fund, which previously stopped investing in coal projects, has made 253 investments in Indian equities amounting US$ 7.39 billion. GPFG has invested US$ 658 million in RIL (US$ 485.19 million), ONGC (US$ 108.74 million), IOC (US$ 61.6 million) and OIL (US$ 2.03 million). GPFG owns stakes of less than 1 percent in each of the four firms. "The government is proposing to exclude companies classified as exploration and production (E&P) companies within the energy sector from the Government Pension Fund Global to reduce the aggregate oil price risk in the Norwegian economy," the Norwegian government said in a statement.
"The government is proposing to exclude companies classified as exploration and production (E&P) companies within the energy sector from the Government Pension Fund Global to reduce the aggregate oil price risk in the Norwegian economy,"
GPFG said those categorised as E&P companies by the index provider FTSE Russell as belonging to its so-called subsector "0533 Exploration & Production" in the sector "0001 Oil & Gas" "will be excluded from the GPFG's benchmark index and investment universe".
Exploration, production companies to be phased out gradually
"The proposal will serve to reduce the aggregate concentration risk associated with this type of activities in the Norwegian economy," it said, adding that investments in "exploration and production companies will be phased out from the Fund gradually over the period of time."