NEW DELHI: India’s largest private airport operator, Adani Airport Holdings Ltd (AAHL), has entered into binding agreements to raise Rs 9,825 crore (about $1 billion) 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 about $18 billion and is one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector. The latest transaction follows AEL’s successful Rs 15,000 crore QIP in July 2026, which was India’s largest QIP by a non-financial corporate.The company says these proceeds will support three strategic priorities: expanding and modernising airport infrastructure across AAHL’s portfolio; accelerating the development of integrated Adani airport city ecosystems around its airports with development of about 2.2 crore square feet of mixed-use development planned in the first phase; and scaling passenger-facing and other non-aeronautical businesses including its ground handling business.The company manages eight airports across India — Mumbai, Navi Mumbai, Ahmedabad, Jaipur, Lucknow, Guwahati, Mangaluru and Thiruvananthapuram — handling over 23 per cent of India’s total passenger traffic.“These investments are expected to increase capacity to serve 20 crore passengers annually, deepen commercial monetisation, enhance passenger experience and further strengthen AAHL’s integrated airport ecosystem,” AAHL, a subsidiary of Adani Enterprises Limited (AEL), said in a statement.AAHL non-executive director Jeet Adani said: “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. 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.”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 per cent in AAHL.AAHL CEO Arun Bansal said: “We will continue to build capabilities within AAHL to scale it into the world’s largest airports platform. 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.”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 is subject to customary conditions precedent, including receipt of applicable approvals.
