The Adani Group has been completely shut out from Norway's Government Pension Fund Global (GPFG) due to successive blacklist decisions enforced by Norges Bank Investment Management (NBIM) under strict ethical and environmental guidelines. Modi's 'historic' visit to Norway becomes strategically significant precisely because the Adani Group has been fully excluded from Norway's GPFG under NBIM's watch. The visit is not just diplomatic, it intersects with geopolitics, global finance and India's image management at a time when a major Indian conglomerate is under unprecedented scrutiny. Norway's GPFG is the world's largest sovereign wealth fund with $ 1.5 trillion in assets under management and owns @1.5% of all listed global equities. Its exclusion of Adani is not only a reputational blow but is also a setback for him businesswise as he would not be able to raise money in major international markets given his dodgy dealings which the world now knows about. Modi has probably gone to Norway to salvage his best friend's position.
