Mumbai, India – April 10, 2025 – In a significant move signaling renewed confidence in the Adani Group, BlackRock Inc., the world’s largest asset manager, has emerged as a key backer of a $750 million offshore private placement bond issued by the Indian conglomerate.
The bond, raised to finance the acquisition of a construction firm, marks a pivotal moment for Adani as it continues to rebuild its financial standing amid ongoing global scrutiny.
According to sources familiar with the matter, BlackRock subscribed to approximately one-third of the bond, contributing around $250 million to the total issuance. The funds are earmarked to support the acquisition of ITD Cementation India Ltd. by Renew Exim DMCC, a Dubai-based entity within the Adani Group.
The deal, which was completed following an open offer process earlier this week, enhances Adani’s infrastructure capabilities and strengthens its position in India’s rapidly growing construction sector.
The bond issuance, which carries a tenor of three to five years, attracted a consortium of international investors, underscoring a growing comfort level among global financial institutions toward the Adani Group.
This comes despite challenges faced by the conglomerate, including a U.S. Department of Justice indictment in November 2024 alleging bribery and fraud—charges that Adani has vehemently denied and pledged to contest.
“This acquisition enhances the execution capabilities across our portfolio companies and reinforces our ability to deliver complex infrastructure projects in India,” an Adani Group spokesperson said in a statement on Wednesday.
“ITD Cementation brings proven expertise and a strong order book, making it a strategic fit as we expand our infrastructure footprint.”
The involvement of BlackRock, which manages over $10 trillion in assets, is seen as a major vote of confidence in Adani’s long-term growth strategy.
Analysts view this as a turning point for the conglomerate, which has been working to restore investor trust following a tumultuous period sparked by a Hindenburg Research report in 2023 and the subsequent U.S. legal challenges.
“BlackRock’s participation signals that some of the largest and most sophisticated investors still see value in Adani’s infrastructure ambitions,” said a Mumbai-based financial analyst who spoke on condition of anonymity.
The acquisition of ITD Cementation, valued at approximately ₹5,757 crore (around $690 million), includes the purchase of a 46.64% promoter stake from Thailand’s Italian-Thai Development Public Company Ltd. and an additional 20.81% through a recently concluded open offer.
Approved by the Competition Commission of India in January 2025, the deal positions Adani to capitalize on India’s booming infrastructure sector, a key pillar of its expansive business portfolio spanning ports, power, and airports.
This fundraising effort represents Adani’s largest bond issuance since the U.S. indictment, highlighting a shift in investor sentiment. Earlier this year, the group secured a loan for its coal port operations in Australia, but the $750 million bond is nearly four times that amount, reflecting a broader willingness among global players to engage with Adani’s ventures.
The Adani Group has outlined ambitious plans for the coming years, with a ₹5 trillion ($60 billion) capital expenditure strategy over the next five years.
Approximately 85% of this investment will target utilities, including green energy, power generation, transmission, airports, and ports, while the remainder will focus on metals, materials, and mining.
The acquisition of ITD Cementation aligns with this vision, bolstering Adani’s capacity to execute large-scale projects.
Despite the positive developments, the conglomerate continues to navigate headwinds. The U.S. charges, which allege over $250 million in bribes paid to Indian officials for solar energy contracts, have cast a shadow over its international operations.
However, the successful bond placement suggests that investors are willing to look beyond these allegations, focusing instead on Adani’s operational strengths and India’s infrastructure growth story.
Market observers note that BlackRock’s involvement could pave the way for further institutional backing. “This deal is a clear signal that the tide is turning,” said a Singapore-based bond investor. “Institutions like BlackRock add heft and credibility, which could encourage others to follow suit.”
As of Wednesday, shares of Adani Group companies showed resilience, with many trading above distressed levels, a stark contrast to the steep declines seen in 2023. The conglomerate’s combined stock market value has more than doubled to $176 billion since hitting a low of $82 billion two years ago, reflecting a steady recovery.
With the ITD Cementation acquisition now funded and underway, Adani appears poised to leverage this momentum, reinforcing its role as a powerhouse in India’s infrastructure landscape while navigating the complexities of global finance and legal challenges.
