Adani Airports Raises $1 Billion for Mumbai Airport Expansion
27 Jun 2025
2 Min Read
CW Team
Adani Airports Holdings (AAHL), a wholly owned subsidiary of Adani Enterprises and India鈥檚 largest private airport operator, has successfully secured $1 billion financing through a project finance structure for its Mumbai International Airport (MIAL). The transaction involves issuance of $750 million notes maturing July 2029 (鈥淣otes鈥�) which shall be used for refinancing. The financing structure also includes provision to raise an additional $250 million, resulting in total financing of $1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernization, and capacity enhancement.
This is India鈥檚 first investment grade (IG) rated private bond issuance in the airport infrastructure sector. The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds, Standard Chartered among others, underlining global confidence in India鈥檚 Infrastructure opportunity and Adani Airports鈥� operating platform. Backed by MIAL鈥檚 stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-/stable.
AAHL remains committed to a long-term vision of transforming the airports infrastructure through continued investments in modernisation, capacity expansion, digitization, and technology integration. The transaction will also accelerate MIAL鈥檚 sustainability agenda, supporting its goal to achieve net zero emissions by 2029.
This issuance follows AAHL鈥檚 $750 million financing from a consortium of global banks. This latest transaction is yet another validation of Adani鈥檚 access to diversified global capital markets and its ability to attract high-quality investors to India鈥檚 next-generation infrastructure platform.
Arun Bansal, CEO, Adani Airports Holdings, said, 鈥淭his successful issuance validates the strength of the Adani Airports鈥� operating platform, the robust fundamentals of Mumbai International Airport, and our commitment to sustainable infrastructure development. With participation from Apollo- managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital. Our ability to secure one of the largest private investment-grade project finance issuances demonstrates our commitment to financial discipline, capital efficiency and long-term value creation.鈥�
The legal advisors to the transaction included A&O Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were investors鈥� counsels.
Adani Airports Holdings (AAHL), a wholly owned subsidiary of Adani Enterprises and India鈥檚 largest private airport operator, has successfully secured $1 billion financing through a project finance structure for its Mumbai International Airport (MIAL). The transaction involves issuance of $750 million notes maturing July 2029 (鈥淣otes鈥�) which shall be used for refinancing. The financing structure also includes provision to raise an additional $250 million, resulting in total financing of $1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernization, and capacity enhancement.This is India鈥檚 first investment grade (IG) rated private bond issuance in the airport infrastructure sector. The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds, Standard Chartered among others, underlining global confidence in India鈥檚 Infrastructure opportunity and Adani Airports鈥� operating platform. Backed by MIAL鈥檚 stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-/stable.AAHL remains committed to a long-term vision of transforming the airports infrastructure through continued investments in modernisation, capacity expansion, digitization, and technology integration. The transaction will also accelerate MIAL鈥檚 sustainability agenda, supporting its goal to achieve net zero emissions by 2029.This issuance follows AAHL鈥檚 $750 million financing from a consortium of global banks. This latest transaction is yet another validation of Adani鈥檚 access to diversified global capital markets and its ability to attract high-quality investors to India鈥檚 next-generation infrastructure platform.Arun Bansal, CEO, Adani Airports Holdings, said, 鈥淭his successful issuance validates the strength of the Adani Airports鈥� operating platform, the robust fundamentals of Mumbai International Airport, and our commitment to sustainable infrastructure development. With participation from Apollo- managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital. Our ability to secure one of the largest private investment-grade project finance issuances demonstrates our commitment to financial discipline, capital efficiency and long-term value creation.鈥漈he legal advisors to the transaction included A&O Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were investors鈥� counsels.
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