BlackRock Bets Big on Adani: Leads $750 Million Bond Deal

BlackRock has emerged as the largest investor in Adani Group's $750 million private bond issuance. This marks BlackRock's first private placement in India's infrastructure sector, signaling confidence in Adani despite ongoing scrutiny following a U.S. Department of Justice indictment in a bribery case last year.

With this investment, BlackRock acquired one-third of Adani Group's $750 million private bond issuance, making it the largest investor in the deal. Other major investors include Farallon Capital Management, Elham Capital, Sona Asset Management, and King Street Capital.

The bond issue is expected to yield 14% dollar returns for investors.

The funds were raised by Renew Exim, an Adani group entity, to finance the acquisition of ITD Cementation, a company specializing in infrastructure projects. Adani had previously acquired a 46.64% stake in ITD Cementation for ₹5,888.57 crore, and later increased its holding to 67.4T5% through an open offer.

This move aligns with BlackRock's broader strategy of investing in long-term infrastructure opportunities, following its $12.5 billion acquisition of Global Infrastructure Partners last year.