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Pimco Rules Out Future Adani Ports Investment on Coal Link

  • Bond investor will let existing debt holdings run to maturity
  • Companies under pressure from investors to cut coal exposure
A coal ship at Adani Ports’ Abbot Point export terminal in Bowen, Australia. 

A coal ship at Adani Ports’ Abbot Point export terminal in Bowen, Australia. 

Photographer: Lisa Maree Williams/Getty Images

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Pacific Investment Management Co., which is seeking to decarbonize its investment portfolio, has stopped participating in the bond offerings of Adani Ports & Special Economic Zone Ltd. because of its links to a controversial coal project Australia, according to a person familiar.

Pimco, which is owned by Germany’s Allianz SE, did not participate in Adani Ports’ $500 million bond sale in January, the person said, while its existing holdings in Adani Ports would be allowed to run to maturity. A spokesperson for Allianz declined to comment.