Adani Airports raises $1 billion in funding for Mumbai International Airport

The transaction was led by Apollo-managed funds, with participation from a group of prominent institutional investors and insurance firms, including BlackRock-managed funds and Standard Chartered, reflecting strong global confidence in India’s infrastructure growth and Adani Airports’ operational platform

Adani Airports, a wholly owned subsidiary of Adani Enterprises Ltd and the country’s largest private airport operator, has raised $1 billion in project financing for Mumbai International Airport Ltd (MIAL).

The transaction includes the issuance of $750 million in notes maturing in July 2029, which will be used to refinance existing debt, the company said in a statement on Tuesday. Additionally, the financing structure allows for an optional $250 million raise, bringing the total to 41 billion. This funding framework will provide greater financial flexibility to support MIAL’s capital expenditure plans focused on development, modernization, and capacity enhancement.

This marks India’s first investment-grade private bond issuance in the airport infrastructure sector. The transaction was led by Apollo-managed funds, with participation from a group of prominent institutional investors and insurance firms, including BlackRock-managed funds and Standard Chartered, reflecting strong global confidence in India’s infrastructure growth and Adani Airports’ operational platform. Supported by MIAL’s stable asset base, consistent cash flows, and operational excellence, the notes are expected to receive a BBB-/stable rating.

AAHL remains committed to its long-term vision of transforming airport infrastructure through ongoing investments in modernization, capacity expansion, digitization, and technological innovation. The deal will also help accelerate MIAL’s sustainability efforts, including its target to achieve net zero emissions by 2029.

This issuance follows AAHL’s earlier $750 million financing from a consortium of global banks. The latest transaction further reinforces Adani’s ability to tap into diverse global capital markets and attract top-tier investors to its next-generation infrastructure initiatives in India.

Reacting to the development, Adani Airports CEO Arun Bansal said, “This successful issuance validates the strength of the Adani Airports’ 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.”