New Delhi, April 10, 2025 – BlackRock, the world’s largest asset manager, has emerged as the biggest investor in a $750 million bond issue by the Adani Group, a private placement deal signaling fresh confidence in the Indian conglomerate despite its US legal woes. Announced Wednesday, the bonds—issued by Renew Exim DMCC, an Adani promoter firm—drew five other global players, including Sona Asset Management, to fund the acquisition of ITD Cementation India Ltd and fuel growth.
The deal, reported by NDTV, lands as Gautam Adani faces a US bribery probe tied to $250 million in alleged payoffs for solar contracts. Yet, BlackRock’s hefty stake—nearly a third of the issue—shows the storm hasn’t scared off big money. “It’s a vote of trust,” an analyst told The Indian Express, noting ITD’s port projects in Tuticorin and Vizhinjam bolster Adani’s infra edge. The bonds, medium-term at over three years, hint at long-term bets—Adani Green jumped 21% Wednesday (Reuters).
This isn’t BlackRock’s first Adani dance—talks for $750 million in airport debt surfaced last month (Economic Times). With $10 trillion in assets, the firm’s move counters the US indictment’s chill—prosecutors claim Adani hid fraud from investors raising $3 billion globally. Still, posts on X buzz with skepticism: “Deep State cash or smart play?” one user mused. Others hail it—“Adani’s back in the game.”
For India, it’s a flex—$4-5 billion more is eyed for FY26 (Mint). Trump’s 90-day tariff pause helps, but Adani’s domestic pivot post-scandal—shunning high foreign rates—pays off here. ITD’s 20.81% stake grab at Rs 400/share seals the deal’s heft. The question? Can Adani ride this wave past the legal mess, or is it a high-stakes gamble on a shaky deck?
