Pacific Investment Management Co., which is seeking to decarbonize its investment portfolio, has stopped participating in the bond offerings of Adani Ports & Special Economic Zone Ltd. because of its links to a controversial coal project Australia, according to a person familiar.
Pimco, which is owned by Germany’s Allianz SE, did not participate in Adani Ports’ $500 million bond sale in January, the person said, while its existing holdings in Adani Ports would be allowed to run to maturity. A spokesperson for Allianz declined to comment.
Adani’s Australian mining unit — last year re-branded as Bravus Mining & Resources — has drawn fierce opposition from environmental groups over the 10-million-tons-per-annum Carmichael thermal coal project.
