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Biggest India Bank Torn Between BlackRock and Funding Coal

  • State Bank of India one of nation’s biggest energy lenders
  • Investors raise concerns about bank’s fossil fuel lending
Operations At A Coal Wholesaler As Coal India Ltd. Second-Quarter Earnings Fail To Meet Estimates
Photographer: Dhiraj Singh/Bloomberg
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India’s biggest bank is caught between investors like Larry Fink and Narendra Modi.

State Bank of India needs to finance coal projects to meet the Indian leader’s push to electrify more homes, yet it wants to back renewable projects to appease global money managers including Fink’s BlackRock Inc., Storebrand ASA and Amundi SA. For now it’s doing a bit of both.