By Anjali Sharma
WASHINGTON – Adani Airport Holdings Limited (AAHL) on Wednesday officially announced that it has entered into binding agreements to raise ₹9,825 crore ($1 billion) of primary equity capital from a consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds, in order to expand its airports business.
The transaction values AAHL at a pre-money equity valuation of $18 billion and represents one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector, the company said in a statement.
AAHL and the investors have entered into a Share Subscription Agreement and a Shareholders’ Agreement according to which the investors will subscribe to new equity shares of AAHL in three tranches, with the final tranche expected to be completed by July 2027.
The statement said that upon completion of all three tranches, the investors will collectively hold approximately 5.54 per cent in AAHL.
The funds raised will support three strategic priorities, namely the expansion as well as modernisation of airport infrastructure across AAHL’s portfolio, accelerating the development of integrated Adani Airport City ecosystems around Adani-run airports with development of around 22 million square feet of mixed-use development planned in the first phase, besides scaling up passenger-facing and other non-aeronautical businesses, including the airport ground handling business, it added.
These investments are expected to increase capacity to serve around 200 million passengers annually, deepen commercial monetisation, enhance passenger experience and further strengthen AAHL’s integrated airport ecosystem, according to the statement.
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.
Adani Airport Holdings Limited’s Non-Executive Director Jeet Adani said, “This partnership marks an important milestone in building the Adani Airports platform. We are privileged to have such marquee, long-term investors alongside us on this journey”.
“India’s aviation sector is one of the most powerful multipliers of the country’s GDP growth. Every expansion in air connectivity catalyses trade, tourism, employment and regional development well beyond the airport gate. 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,” Jeet Adani said.
“We will continue to build capabilities within AAHL to scale it into the world’s largest airports platform,” said Mr. Arun Bansal, CEO, Adani Airport Holdings Limited.
Adani Airport Holdings Limited’s Non-Executive Director Jeet Adani said “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 as powerful economic catalysts in the country’s major urban centres. We are deeply grateful to our partners for their confidence and look forward to continuing on this path together as we build a truly world-class airport platform for India.”
The participation of a consortium of long-term domestic and global investors represents a significant institutional endorsement of AAHL’s scale, operating capabilities and long-term growth potential.
The investment brings long-duration institutional capital into the business at a time when India’s aviation sector is entering a sustained phase of passenger growth, capacity expansion and infrastructure investment.
The transaction follows AEL’s successful ₹15,000 crore qualified institutional placement in July 2026, India’s largest QIP by a non-financial corporate.
The transactions reflect continued access by the Adani portfolio to significant pools of long-term domestic and global institutional capital.
