June 25, 2025: Adani Airports Holdings Ltd (AAHL), a wholly owned subsidiary of Adani Enterprises Ltd and India’s largest private airport operator, has successfully raised USD 1 billion through a project finance structure to support the Mumbai International Airport Ltd (MIAL). The transaction includes the issuance of USD 750 million notes maturing in July 2029, primarily intended for refinancing, with a provision to raise an additional USD 250 million. This structure is set to enhance financial flexibility for MIAL’s capital expenditure, aiding its development, modernisation, and capacity expansion plans.
This marks India’s first investment-grade private bond issuance in the airport infrastructure sector. The transaction was led by funds managed by Apollo, with participation from a consortium of global institutional investors and insurers, including BlackRock-managed funds and Standard Chartered. The notes are expected to be rated BBB-/stable, reflecting investor confidence in MIAL’s stable cash flows and operational performance.
AAHL reiterated its long-term commitment to transforming India’s airport infrastructure through continued investment in digitisation, technology integration, and sustainability. The financing will support MIAL’s goal to achieve net-zero emissions by 2029.
This issuance follows AAHL’s earlier USD 750 million raise from global banks, further underlining the Adani Group’s strong access to international capital markets and its appeal to high-quality investors. CEO Arun Bansal commented that the transaction validates the strength of Adani’s airport platform and its disciplined financial approach.
Legal advisors included A&O Shearman and Cyril Amarchand Mangaldas for MIAL, and Milbank LLP and Khaitan & Co. for the investors.
AAHL currently manages eight airports, including a 74% stake in MIAL, making it India’s largest airport operator by passenger volume and cargo traffic. It aims to position Mumbai as the country’s premier aerotropolis, integrating commercial, residential, and aviation-linked infrastructure.
Source: Hans India
