US women`s college bans investment in Indian firms over Sudan

11 May 2007

Washington: Smith College, the largest privately funded college for women in the US, has decided against investing in nine Indian companies among several globally for their trade relations with Sudan.

The college''s board of trustees, at a meeting on May 5, voted unanimously against investing in such entities to protest the Sudanese government''s campaign of genocide in Darfur region.

In a release posted on its website, the Massachusetts- based Smith College said it would stop investing in India''s state-run Bharat Heavy Electricals Ltd, Indian Oil Corp, oil and Natural Gas Company and Mangalore Refinery and Petrochemicals Ltd.

Besides, it would stay away from private players Reliance Industries, Reliance Energy, Reliance Capital Venture, Reliance Communications and Reliance Natural Resources Ltd.

The release, however, did not disclose the nature or size of investments it had made in these companies in the past.

The college will also divest its holdings - valued at approximately USD 1.18 million - from the French energy company Schlumberger Ltd., whose Sudan operations provide oil and gas field services to the country''s oil consortia.