OSLO May 5 India's Bharat Heavy Electricals
has been excluded from the investment portfolio of
Norway's $935-billion sovereign wealth fund, the world's
largest, the Norwegian central bank said on Friday.
The fund is not allowed to invest in companies that breach
certain ethical guidelines, such as producing nuclear weapons,
tobacco or antipersonnel landmines, or pose risk of severe
environmental damage, among other criteria.
Two other companies, PetroChina and Leonardo
, have been put under observation on ethical grounds
and may be excluded at a later stage if no improvements are
Separately, the fund will follow Italy's Eni and
Saipem though active ownership the central bank said.
(Reporting by Gwladys Fouche, editing by Terje Solsvik)