Adani Airport Holdings to raise ₹9,825 crore from global investors

Adani Airport Holdings (AAHL) on Wednesday said it will raise ₹9,825 crore through a primary equity infusion from a consortium of global investors, which will collectively acquire a 5.54 per cent stake in the airport operator.

The transaction values the Adani Group company at about $18 billion on a pre-money basis, or before the fresh capital is invested. The consortium, with which AAHL has signed binding agreements, comprises Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock.

AAHL will use the funds raised to expand and modernise airports, develop about 22 million square feet of mixed-use Adani Airport City projects in the first phase, and scale ground handling and other non-aeronautical businesses.


The Airport City projects will include offices, hotels, retail, restaurants and other commercial facilities around the airports.

AAHL operates eight airports — Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, Thiruvananthapuram and Navi Mumbai — which account for more than 23 per cent of India’s total passenger traffic.

AAHL’s ₹9,825-crore equity infusion marks a significant shift in its funding strategy after the airport operator relied largely on debt and project finance to fund its expansion.

In 2022, it raised $250 million through a three-year external commercial borrowing (ECB), a loan raised from overseas banks. In 2024, it raised ₹1,950 crore through non-convertible debentures, or debt instruments that cannot be converted into shares.

In June 2025, AAHL raised another $750 million through ECBs from international banks. The proceeds were used to refinance $400 million of existing debt, with the balance earmarked for infrastructure upgrades, capacity expansion at six airports and non-aeronautical businesses.

Separately, AAHL secured $1 billion of project financing for Mumbai International Airport Ltd (MIAL), its subsidiary, in June 2025.

The financing comprised $750 million of notes, with an option to raise another $250 million, and was intended to support MIAL’s development, modernisation and capacity expansion.

AAHL on Wednesday said the latest equity transaction will be completed in three tranches, with the final tranche expected by July 2027. After completion of all three tranches, the consortium will collectively hold about 5.54 per cent of AAHL.

The company said the entry of long-term domestic and international investors comes as India’s aviation sector enters a period of sustained growth.

It expects the capital to strengthen airport infrastructure while allowing it to expand businesses around its airports and increase the commercial value generated from growing passenger traffic.

Jeet Adani, non-executive director of AAHL, said the company was “privileged” to have such “marquee, long-term investors” alongside it on this journey.

“With the backing of these partners, we will continue to invest ahead of that growth, scaling our infrastructure, city-side developments and non-aeronautical businesses to build one of the world’s leading integrated airport platforms,” he noted.

The Airport City plan will involve mixed-use developments around AAHL’s airports. The first phase will cover about 22 million square feet, with the company looking to create commercial and other city-side infrastructure alongside its airport operations.

AAHL has also planned to expand passenger-facing and non-aeronautical businesses, including ground handling.

These activities allow airport operators to earn revenue from services beyond core aviation operations. The company said the investments would help it serve around 200 million passengers annually while strengthening its integrated airport ecosystem.

TK Kurien, chief executive officer and managing partner at Premji Invest, said: “The Indian aviation sector is at a pivotal inflection point underpinned by robust structural tailwinds: a young demographic, an aspirational consumer base and progressive government policies. This investment reaffirms Premji Invest’s commitment to partnering with industry leaders towards developing critical nation building infrastructure.”

AAHL’s transaction comes after Adani Enterprises, the Adani Group’s flagship company, conducted its ₹15,000 crore qualified institutional placement (QIP) in July 2026.

A QIP allows a listed company to raise fresh equity from institutional investors. AAHL said the transactions demonstrate continued access to long-term domestic and international institutional capital.