Adani Airports raises $1 billion from global investors

Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL) and one of India’s largest private airport operators, has signed binding agreements to raise ₹9,825 crore (approximately USD 1 billion) in primary equity capital from a consortium comprising Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock.

The investment values AAHL at a pre-money equity valuation of approximately USD 18 billion, making it one of the largest primary equity investments by financial institutions in India’s airport infrastructure sector.

The investment brings long-term capital from a consortium of domestic and global institutional investors into AAHL. The funding comes as India’s aviation sector continues to see growth in passenger traffic, airport capacity and infrastructure investment. The investment provides long-term institutional capital as AAHL looks to expand its airport operations and infrastructure portfolio.

AAHL and the investors have entered into a Share Subscription Agreement and a Shareholders’ Agreement under which the investors will subscribe to new equity shares in AAHL in three tranches. The final tranche is expected to be completed by July 2027. Once all three tranches are completed, the investors will collectively hold approximately 5.54% of AAHL.

The proceeds will be used across three key areas: expanding and modernising airport infrastructure across AAHL’s portfolio; developing integrated Adani Airport City ecosystems around its airports, with around 22 million sq. ft. of mixed-use development planned in the first phase; and expanding passenger-facing and other non-aeronautical businesses, including ground handling services.

The investments are expected to increase AAHL’s capacity to serve around 200 million passengers annually, while expanding commercial opportunities and improving passenger services across its airport network.

The transaction follows AEL’s ₹15,000 crore qualified institutional placement (QIP) in July 2026, which was the largest QIP by a non-financial corporate in India. Together, the two transactions highlight continued access to long-term domestic and global institutional capital for the Adani portfolio.

“This partnership marks an important milestone in building out the Adani Airports platform, and we are privileged to have such marquee, long-term investors alongside us on this journey,” said Jeet Adani, Non-Executive Director, Adani Airport Holdings Limited. “India’s aviation sector is one of the most powerful multipliers of the country’s GDP growth. Every expansion in air connectivity catalyses trade, tourism, employment and regional development well beyond the airport gate. 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.”

“We will continue to build capabilities within AAHL to scale it into the world's largest airports platform," said Arun Bansal, CEO, Adani Airport Holdings Limited. “This ambition is buoyed by the exponential growth opportunities across India, the rising spending power of the Indian consumer, and the momentum of our city-side developments as powerful economic catalysts in the country's major urban centres. We are deeply grateful to our partners for their confidence and look forward to continuing on this path together as we build a truly world-class airport platform for India."

The key advisors to the transaction were Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India Private Limited, SBI Capital Markets Limited and Ernst & Young LLP. The transaction remains subject to customary conditions precedent, including the receipt of applicable approvals.