Adani group raises $250 million debt to fund development at six airports

Adani group on Monday announced it has raised $250 million three year debt from Standard Chartered Bank and Barclays Bank for capital expenditure at six airports that it manages under a public private partnership.

The group has option to raise another $200 million under the existing facility, the company said in a statement.

The Adani group runs seven airports, including Mumbai, Ahmedabad, Guwahati, Jaipur, Lucknow, Mangaluru and Thiruvananthapuram.

While the Adani group took over Mumbai airport from GVK last year, it won the bid to operate six Airport Authority of India (AAI) airports on 50 year lease. The group is also developing the Navi Mumbai airport.

"We are focussed on delivering high quality infrastructure access to our consumers both through physical and digital channels,” Adani Airports Holding Limited (AAHL) spokesperson said.

The latest debt raising comes in the back of $750 million raised by Mumbai International Airport Limited last week for refinancing and capex.

The group said that the first phase of its management plan has been put in motion with funds tied up for operational and under construction airports.

“We will now focus on scaling up the airports business into one of the largest airport platforms globally," AAHL added.