Largest wealth fund may offload $658-millon stake in Indian oil firms

Companies that Norwegian fund is likely to shed stakes in include Oil India, IOC, ONGC, and RIL

The world’s largest sovereign wealth fund may exit oil and gas investments in India such as Oil India, Indian Oil Corporation, Oil and Natural Gas Corporation (ONGC), and Reliance Industries (RIL).

The total value of Norwegian Government Pension Fund Global’s oil and gas investments in India is estimated at $657.6 million. This figure is based on an analysis comparing the December-end portfolio of the fund and companies across the world on the fund’s divestment list.

The announcement with regard to the exit was made on Friday. “Exploration and production companies will be phased out from the fund gradually over time, and plans