Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited and one of India’s largest private airport operators, has entered into binding agreements to raise ₹9,825 crore, or approximately USD 1 billion, through a primary equity investment from a consortium comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds. The transaction values AAHL at a pre-money equity valuation of approximately USD 18 billion and represents a significant primary equity investment by financial institutions in India’s airport infrastructure sector. The investment brings together long-term domestic and international institutional capital as India’s aviation sector enters a period of passenger growth, capacity expansion and infrastructure development.
Under the Share Subscription Agreement and Shareholders’ Agreement signed by AAHL and the investors, the new equity shares will be subscribed in three tranches. The final tranche is expected to be completed by July 2027. Following completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.
The proceeds will support three key areas of growth. These include the expansion and modernisation of airport infrastructure across AAHL’s portfolio; development of integrated Adani Airport City ecosystems around its airports; and expansion of passenger-facing and other non-aeronautical businesses, including the company’s ground-handling operations.
The first phase of the planned Airport City development includes approximately 22 million sq. ft. of mixed-use development. The investments are expected to support AAHL’s plans to increase airport capacity to serve approximately 200 million passengers annually, strengthen commercial monetisation and enhance passenger experience across its integrated airport platform.
“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.”
Arun Bansal, CEO, Adani Airport Holdings Limited, said the company would continue to build capabilities to scale AAHL into a leading global airports platform, supported by the growth of India’s aviation sector, rising consumer spending and the development of city-side ecosystems.
The transaction follows AEL’s ₹15,000 crore qualified institutional placement completed in July 2026, described as India’s largest QIP by a non-financial corporate. Together, the transactions provide access to significant pools of long-term domestic and global institutional capital for the Adani portfolio.
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 were the key advisors to the transaction. Completion remains subject to customary conditions precedent, including applicable regulatory approvals.
Adani Airports, the airport business of Adani Enterprises Limited, is one of India’s largest private airport operators, managing a network of airports across major cities including Mumbai, Ahmedabad, Lucknow, Jaipur, Guwahati, Thiruvananthapuram, Mangaluru and Navi Mumbai. The company is focused on developing integrated airport infrastructure by expanding passenger capacity, improving operational efficiency and building commercial, retail and aviation-related facilities. Through investments in terminals, technology, cargo infrastructure and connectivity, Adani Airports is working to strengthen its presence in India’s aviation sector and support the country’s growing domestic and international air travel market.
