Norwegian pension fund sells stakes in 4 Indian cos, 23 others
Norwegian pension fund KLP has sold entire stake in at least four Indian companies — NTPC, Coal India, Tata Power and Reliance Power — as well as 23 others worldwide as it looks to embrace more climate-friendly firms.
The move is part of the fund’s strategy to pull out of companies that derive a substantial proportion of their revenues from coal.
“KLP’s first evaluation of coal holdings resulted in divestment of equities and bonds in 27 companies for a total amount of 386 million Norwegian kroner (NOK),” the fund said in a statement today.