Pimco rules out future Adani Ports investment on controversial Australia coal project

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.