Ahmedabad : Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL), has entered into binding agreements to raise ₹9,825 crore, or around USD 1 billion, in primary equity capital from a consortium comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds.
The investment values AAHL at a pre-money equity valuation of around USD 18 billion and represents one of the largest primary equity investments by financial institutions in India’s airport infrastructure sector.
The investors will subscribe to new equity shares of AAHL in three tranches under a Share Subscription Agreement and a Shareholders’ Agreement. The final tranche is expected to be completed by July 2027.
Upon completion of all three tranches, the consortium of investors will collectively hold approximately 5.54% equity in AAHL.
Funds to Support Airport Expansion and Modernisation
The proceeds from the investment will be used to expand and modernise airport infrastructure across AAHL’s portfolio.
The company will also accelerate the development of integrated Adani Airport City ecosystems around its airports. Around 22 million square feet of mixed-use development is planned in the first phase.
AAHL also plans to scale passenger-facing and other non-aeronautical businesses, including its ground handling business.
These investments are expected to increase AAHL’s capacity to serve around 200 million passengers annually. The company aims to strengthen commercial monetisation, improve passenger experience and further expand its integrated airport ecosystem.
Long-Term Investors Back AAHL Growth Plans
The participation of domestic and global long-term investors is expected to provide AAHL with long-duration institutional capital as India’s aviation sector enters a phase of passenger growth, capacity expansion and infrastructure investment.
The transaction follows Adani Enterprises Limited’s ₹15,000 crore qualified institutional placement in July 2026. According to the company, the QIP was India’s largest by a non-financial corporate.
Together, the two transactions reflect continued access by the Adani portfolio to domestic and global institutional capital.
Jeet Adani Calls Investment an Important Milestone
Jeet Adani, Non-Executive Director of Adani Airport Holdings Limited, said the partnership marked an important milestone in building the Adani Airports platform.
He said India’s aviation sector plays an important role in the country’s GDP growth, with expansion in air connectivity supporting trade, tourism, employment and regional development.
“With the backing of these partners, we will continue to invest ahead of that growth, scaling our infrastructure, city-side developments and non-aeronautical businesses to build one of the world’s leading integrated airport platforms,” he said.
AAHL Aims to Build World’s Largest Airport Platform
Arun Bansal, CEO of Adani Airport Holdings Limited, said the company would continue to build capabilities within AAHL to scale it into the world’s largest airports platform.
He said the ambition is supported by growth opportunities in India, rising consumer spending power and the development of city-side projects as economic catalysts in major urban centres.
The transaction is subject to customary conditions precedent, including receipt of applicable approvals.
The key advisors to the transaction were 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.
AAHL Manages Eight Airports Across India
Adani Airport Holdings Limited, a subsidiary of Adani Enterprises Limited, is one of India’s largest private airport operators. The company manages eight airports across India and serves more than 23% of the country’s total passenger traffic.
AAHL operates an integrated airport platform spanning aeronautical operations, passenger-facing non-aeronautical offerings and city-side development.
Adani Enterprises Limited is the flagship company of the Adani Group and has developed businesses across ports, energy, power, renewable energy and gas, while its emerging business portfolio includes airports, roads, data centres, green hydrogen, copper and other strategic industrial sectors.
