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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. Smith
joins a number of higher education institutions that now ban investment in Schlumberger,
including Amherst and Williams colleges and Brown University. The
decision to withhold investment is part of efforts by private organisations
in the US to encourage a policy change in a foreign country -- in this case, "the
end of the genocidal policies of the Sudanese government," said Mary Patterson
Mcpherson, chair of the board of trustees.
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