New Delhi, March 13 -- The decision of the world's largest sovereign wealth fund to stop investing in oil and gas explorers globally may affect Indian companies, such as Reliance Industries Ltd (RIL), Oil and Natural Gas Corp. Ltd (ONGC), Indian Oil Corp. Ltd (IOC) and Oil India Ltd (OIL), where the $1 trillion fund has made investments.

The decision of Norway's Government Pension Fund Global (GPFG) comes against the backdrop of uncertainty in global oil markets and concerns about climate change that have led several countries to harden their focus on renewable energy.

GPFG, which earlier stopped investing in coal projects, has made 253 investments in Indian equities so far totalling $7.39 billion. Of this, it has invested a total of $6...