Wednesday, October 22, 2008

>Norway's oil fund to put $2 bn in India stocks

Norway's sovereign wealth fund plans to invest $2 billion in Indian stocks over the next three months, a Norwegian embassy official said on Wednesday.

"The deputy secretary general at the finance ministry (of Norway) said that sovereign wealth fund is going to invest $2 billion in Indian stocks," Lasse Johannessen, minister counsellor at the Norway embassy in Indian capital, said.

"This money is going to be invested from now until Jan 2009," he said, citing the Norwegian finance ministry official.

Johannessen said the fund would increase India's weighting to 0.94 per cent from 0.2 per cent in its overall portfolio.

Familiarly known as "the oil fund", the Government Pension Fund -- Global invests Norway's oil and gas wealth in foreign stocks and bonds. It is Europe's biggest equity investor.


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