Adani Airports Holdings Limited (AAHL), a subsidiary of Adani Enterprises and India’s largest private airport operator, has successfully raised USD 1 billion to support the expansion and modernization of Mumbai International Airport Ltd. (MIAL). The funding, structured through a mix of USD 750 million in notes maturing in July 2029 and an option for an additional USD 250 million, will refinance existing debt and fuel future capital expenditure plans.
This transaction is the first-ever investment-grade rated private bond issuance in India’s airport infrastructure sector. It underscores growing international confidence in India’s infrastructure story and the strength of Adani’s airport operating platform. The deal was led by Apollo-managed funds, with notable participation from institutional investors including BlackRock-managed funds and Standard Chartered.
The notes, backed by MIAL’s stable asset base and reliable cash flow, are expected to receive a BBB-/stable rating. According to AAHL, the financing framework provides the flexibility needed to push forward with key development and capacity enhancement initiatives at Mumbai’s key aviation hub.
In addition to modernisation, digitisation, and capacity upgrades, the funding is expected to advance MIAL’s goal of achieving net-zero emissions by 2029, aligning with broader global sustainability trends.
“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,” said Arun Bansal, CEO of Adani Airports Holdings Ltd.
Legal counsel for MIAL was provided by Allen & Overy, Shearman & Sterling, and Cyril Amarchand Mangaldas, while Milbank LLP and Khaitan & Co. represented the investors. The deal follows AAHL’s earlier $750 million fundraising from global banks and further cements Adani’s ability to tap international capital markets to support infrastructure growth in India.
