Cyril Amarchand Mangaldas has advised Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited, on its binding agreements to raise INR 9,825 crore through a primary equity investment from a consortium comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds. AZB & Partners acted for Alpha Wave Global and Premji Invest; TT&A Advocates and Solicitors acted for BlackRock Inc.; while JSA Advocates and Solicitors acted for Temasek Holdings.
The transaction values AAHL at a pre-money equity valuation of approximately USD 18 billion. Upon completion of the three proposed tranches, the investors will collectively hold around 5.54 percent in AAHL.
Jefferies India Private Limited, SBI Capital Markets Limited and Ernst & Young LLP were also advisors.
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 three tranches. The final tranche is expected to be completed by July 2027.
The proceeds from the fundraise will be used to expand and modernise AAHL’s airport infrastructure, accelerate the development of integrated airport city ecosystems and scale passenger-facing and other non-aeronautical businesses, including its ground-handling operations.
AAHL plans to develop approximately 22 million sq. ft. of mixed-use development in the first phase of its Adani Airport City projects. The company said the investments are expected to increase its airport network’s capacity to serve approximately 200 million passengers annually.
“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.
“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.
The transaction follows Adani Enterprises’ ₹15,000 crore qualified institutional placement (QIP) in July 2026, which was the largest QIP by a non-financial corporate in India.
The investment remains subject to customary conditions precedent, including receipt of applicable regulatory and other approvals.
CAM’s transaction deal team was led by partner (co-head – projects (infrastructure)) Subhalakshmi Naskar, and partner Anand Deshpande, with support from associate Yashasvi Raj.
The transaction due diligence team was led by partner Anand Deshpande, with support from associate Hrishikesh Jaiswal, Yashasvi Raj, Anshum Agarwal, Prakhar Khandal, Soumya Modi and Trisha Choudhary. Senior partner L. Viswanathan provided overall guidance on the transaction. Partners Gathi Prakash, Aviral Sahai and Nidhi Asher provided strategic inputs.
