Adani Airport Holdings Ltd (AAHL), a subsidiary of Adani Enterprises Ltd, has entered into binding agreements to raise ₹9,825 crore ($1 billion) in primary equity capital from a consortium comprising Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock.
The transaction values AAHL at a pre-money equity valuation of $18 billion. It is among the largest primary equity investments by financial institutions in India’s airport infrastructure sector.
Investors to hold 5.54% stake
AAHL and the investors have entered into a Share Subscription Agreement and a Shareholders’ Agreement. The investors will subscribe to new equity shares in three tranches, with the final tranche expected to be completed by July 2027.
Upon completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.
Funds to support airport expansion
The participation of long-term domestic and global investors brings institutional capital into the business as India’s aviation sector enters a period of passenger growth, capacity expansion and infrastructure investment.
The proceeds will be used to expand and modernise airport infrastructure across AAHL’s portfolio. The company will also accelerate development of integrated Adani Airport City ecosystems, with around 22 million sq. ft. of mixed-use development planned in the first phase.
Ground handling operations
The investment will further support passenger-facing and other non-aeronautical businesses, including the company’s ground-handling operations.
AAHL expects these investments to increase its capacity to serve 200 million passengers annually while improving commercial monetisation and passenger experience.
Focus on 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,” Adani Airport Holdings Ltd, Non-Executive Director, Jeet Adani, said.
“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.
Management comment
“We will continue to build capabilities within AAHL to scale it into the world’s largest airports platform. This ambition is buoyed by the exponential growth opportunities across India, the rising spending power of the Indian consumer, and the momentum of our city-side developments in the country’s major urban centres,” Adani Airport Holdings Ltd, CEO, Arun Bansal, said.
The transaction follows Adani Enterprises’ ₹15,000 crore qualified institutional placement completed in July 2026.