BlackRock the world’s largest asset manager with $12 trillion in assets under management has emerged as the biggest subscriber to the Adani Groups $750 million private bond issuance. The US-based investment giant has acquired one-third of the bond issuance for a tenure of 3 to 5 years according to a PTI report. This huge investment by BlackRock shows its confidence in the Adani Group despite ongoing scrutiny of the group in the US. The issuance occurs amid a U.S. Department of Justice (DOJ) investigation into allegations of bribery involving Adani Group officials. The bond issuance is part of the Adani Group’s strategy to maintain liquidity and meet operational demands after global attention and legal challenges. BlackRock’s involvement can give institutional backing to the groups financial instruments. BlackRocks move marks its first private placement in Indias infrastructure sector a segment the firm is increasingly bullish on. Infrastructure is one of the most exciting long-term investment opportunities as a number of structural shifts re-shape the global economy BlackRock Chairman Larry Fink had stated in January 2024 following the companys USD 12.5-billion acquisition of Global Infrastructure Partners (GIP) a major player in ports power and digital infrastructure. Aside from BlackRock five other institutional investors -- primarily American and European -- also participated in the Adani Groups latest capital raise. These included funds managed by Sona Asset Management. The USD 750 million bond issue of Renew Exim DMCC a wholly owned offshore entity of the Adani group promoter family is to be used to finance acquisition of ITD Cementation and other growth avenues. The Adani Group views the entry of the worlds largest investor as a strong vote of confidence particularly at a time when its fundraising capabilities have been questioned due to the ongoing DOJ investigation. BlackRocks involvement also signals that it does not anticipate any significant operational disruptions for the conglomerate stemming from the legal proceedings. This marks the Adani Groups second private dollar bond issuance. In February the group raised about USD 200 million for its Australian port operations. The latest raise -- almost four times larger -- is the most substantial since the DOJ indictment. The USD 750 million has been raised by Renew Exim a private group-level entity to finance the acquisition of ITD Cementation.  Last year the Adani Group announced the purchase of a 46.64 per cent stake in ITD Cementation for Rs 5888.57 crore from its promoters aiming to bolster its engineering capabilities in the infrastructure sector. Renew Exim has since acquired an additional 20.81 per cent through an open offer at Rs 400 per share. ITD Cementation known for its work on key projects such as Jawaharlal Nehru Port Trust and ports in Tuticorin Mundra and Vizhinjam is seen as a strategic asset for Adanis long-term infrastructure ambitions.  (With inputs from PTI)