Adani Airport Holdings Limited (AAHL) has entered into binding agreements to raise around US$1bn of primary equity capital from a consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds.
The transaction values AAHL at a pre-money equity valuation of ~US$18bn, and is said to be one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector.
AAHL and the investors have entered into a share subscription agreement and a shareholders’ agreement pursuant to which the investors will subscribe to new equity shares of AAHL in three tranches, with the final tranche expected to be completed by July 2027. Upon completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.
The proceeds will support three strategic priorities: expanding and modernizing airport infrastructure across AAHL’s portfolio; accelerating the development of integrated Adani Airport City ecosystems around its airports with development of around 2,000,000m2 of mixed-use development planned in the first phase; and scaling passenger-facing and other non-aeronautical businesses, including AAHL’s ground handling business.
The investment will be used to increase capacity to serve around 200 million passengers annually, improve commercial returns, enhance the passenger experience and strengthen AAHL’s integrated airport ecosystem.
Jeet Adani, a non-executive director of Adani Airport Holdings Limited, said, “India’s aviation sector is one of the most powerful multipliers of the country’s GDP growth. Every expansion in air connectivity catalyzes 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.”
Arun Bansal, the CEO of Adani Airport Holdings Limited, said, “We will continue to build capabilities within AAHL to scale it into the world’s largest airports platform.”
He added, “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 centers.”
The transaction follows AEL’s successful ~US$1.6bn qualified institutional placement (QIP) in July 2026, India’s largest QIP by a non-financial corporate.
The key advisors on 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 is subject to customary conditions precedent, including receipt of applicable approvals.
In related news, Heathrow expansion projected to generate over 108,000 jobs across UK
