EPFO should not invest in Adani Group: Janak Prasad

Investing EPFO money in Adani shares could have disastrous consequences for millions of people in the country, said INTUC national secretary Janak Prasad

Hyderabad: Opposing the decision of the Employees’ Provident Fund Organisation (EPFO), India’s largest retirement fund, to continue to hold investments in multiple Adani Group via its investments in exchange traded funds (ETFs), INTUC national secretary Janak Prasad said the move would put the savings of 27.7 crore employees at risk.

In a statement issued here on Wednesday, Prasad said investing EPFO money in Adani shares could have disastrous consequences for millions of people in the country. “EPFO should invest in companies with proven track records of ethical practices and financial stability,” he said.

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EPFO had invested Rs 1.57 lakh crore in ETFs as of March 2022 and it made a further investment of Rs 8,000 crore in FY 2022-23, he said and added that EPFO, which is managed by a trust under the union labour ministry, has exposure to at least two Adani Group companies: Adani Enterprises and Adani Ports and SEZ (APSEZ).

The shares of Adani Group have been going downward since US short seller Hindenburg Research released its report on January 24, alleging that the company was involved in stock manipulation and accounting fraud.