Adani Airports raises $1bn for Mumbai International Airport

Adani Airports Holdings (AAHL), a wholly-owned subsidiary of Adani Enterprises and India’s largest private airport operator, has successfully secured $1 billion financing through a project finance structure for Mumbai International Airport (MIAL).

The transaction involves issuance of $750 million notes maturing in July 2029, which shall be used for refinancing, says an official release from AAHL. "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, modernisation and capacity enhancement."

This is India’s first investment grade rated private bond issuance in the airport infrastructure sector, the release added. "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 and Standard Chartered among others, underlining global confidence in India’s infrastructure opportunity and Adani Airports’ operating platform. Backed by MIAL’s stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-/stable."

Gautam Adani, Chairman, Adani Group, while addressing the 2025 annual general meeting said: "Adani Airports handled a record 94 million passengers in FY25. We also completed the first test flight at the greenfield Navi Mumbai Airport. This airport will open later this year with an initial passenger capacity of 20 million of what will then become a 90 million passenger airport, giving us a 35 percent share of India’s airport passenger traffic."

Arun Bansal, CEO, Adani Airports Holdings adds: "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."