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Norway Wealth Fund Drops Bharat Heavy on Environmental Risk

Bharat Heavy Electrical Limited logo displayed on an AC/DC locomotive train engine used by Central Railways, on the outskirts of Mumbai on Sunday, Jan. 28, 2007. Bharat Heavy Electricals Ltd., India's largest power equipment maker, plans to purchase companies in the country and overseas to add capacity and grow, Chairman and Managing Director Ashok K. Puri said. The company's shares surged.
Photographer: Abhijit Bhatlekar/Bloomberg
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Norway’s $940 billion sovereign wealth fund excluded Bharat Heavy Electricals Ltd. on environmental grounds, placed PetroChina Co. and Leonardo SpA under observation and said it will follow up with Eni SpA and Saipem SpA on the risks of corruption.

Bharat Heavy, based in New Delhi, was excluded from the fund “based on an assessment of the risk of severe environmental damage” after a recommendation from the Council on Ethics, the central bank, which oversees the fund, said in a statement. BHEL officials couldn’t immediately be reached for a comment.