BlackRock, the world’s largest money manager, is set to invest ​in a dollar bond to be issued by a ‌unit of India’s Shapoorji Pallonji Group ​this month, two people directly familiar with ⁠the transaction said.

The asset manager is considering an initial investment of $100 million to $200 million in the ‌bond issue via an Asia-focused fund, a move likely to reassure other investors, the ‌first source said.

The deal would be a ‌private ⁠placement, and the launch timing could not ⁠be ascertained immediately. Deutsche Bank is the arranger.

The SP Group unit, Goswami Infratech, is planning to raise about $3 billion, ​of which $750 million to $950 ‌million would be from the dollar bond and the remainder through rupee-denominated debt, the sources said.

The sources requested anonymity since they are not authorised ‌to speak to the media. Deutsche ​Bank, BlackRock and Shapoorji Pallonji Group did not immediately respond to Reuters queries.

Goswami Infratech’s ⁠fundraising plans have been delayed, with a surge in rupee hedging costs playing a key role, ‌forcing the company to seek an extension on the repayment of high-yield debt originally due on April 30.

The company had raised ₹14,300 crore ($1.51 billion) in June 2023 through a bond issue, in which marquee foreign investors had participated. ‌The fresh debt raise would refinance these notes.

The company had raised ₹14,300 crore ($1.51 billion) in June 2023 through a bond issue, in which marquee foreign investors had participated. The fresh debt raise would refinance these notes.

“Apart from ​BlackRock, other large funds have shown intent to come on board as part of ⁠the bond issue,” the second person said.

Reuters could not ⁠determine the full list of investors likely to participate in the issue.

Earlier this ‌week, CareEdge Ratings downgraded bonds of Goswami Infratech to B+ from BB-, citing delays in ​group-level fundraising.

($1 = 94.6800 Indian rupees)

Published on May 7, 2026