Norway's Sovereign Wealth Fund Goes Slow on Big Buys in 2025

NORGES BANK INVESTMENT Management (NBIM), the largest foreign portfolio investor (FPI) in India with a $30.5-billion portfolio, has done only two bulk deals—Nazara Technologies and PNB Housing Finance—in the first five months this year.

- NESIL STANEY

In 2024, the fund had added 101 Indian companies to its portfolio, including Cipla, Mankind Pharma, Ambuja Cements and Welspun Living. It also sold a few, including Bajaj Electricals. Given its size, the fund mostly buys in bulk.

NBIM, the investment management division of the Norwegian Central Bank, has $1.72 trillion in assets globally as of March this year.

While it sold Home First Finance on January 14, it bought 0.8% of Nazara in March and 0.3% of PNB Housing in May. In December last year, the fund made five bulk purchases.