Mumbai, April 9 -- BlackRock, Inc. has made a big bet on the Adani Group, snapping up nearly a third of about $1 billion bonds sold by a group promoter entity, marking the first investment in any Adani entity by the world's largest asset manager.

Apart from BlackRock, at least five other top global funds also bought the bonds privately placed by Renew Exim, an Adani Group promoter firm, two people aware of the matter said.

"BlackRock is one of these investors. There are a few European investors as well," one of the two people said on the condition of anonymity, adding that most of the money raised will be utilized for the acquisition of ITD Cementation, while the rest will be used for funding the capex plans of other Adani group firms. ...