Adani Airports Holdings Ltd (AAHL) is nearing the close of a major capital-raising exercise that could value the airport operator at more than USD 20 billion, with global investment major BlackRock exploring an equity investment in the company.
The proposed fundraise comes at an important juncture for the Mumbai Metropolitan Region, with AAHL operating both Mumbai International Airport and Navi Mumbai International Airport. The company holds a 74% stake in each airport.
According to a Moneycontrol report citing people familiar with the discussions, BlackRock is considering a significant investment in AAHL. Singapore-based Temasek and Alpha Wave Global are also reportedly looking to participate, with the combined investment from the three investors potentially exceeding USD 1 billion. However, the discussions are still underway and no final investment decision has been announced.
The development puts fresh focus on the growing economic and infrastructure importance of the Mumbai-Navi Mumbai airport corridor. Navi Mumbai International Airport began commercial operations in December 2025, adding a second major aviation hub to the region and creating new opportunities for development around the airport.
AAHL currently operates eight airports across India and handled nearly 23% of the country’s passenger traffic and 29% of air cargo in FY26, according to figures cited in the report. Its revenue from operations grew 34% to Rs 10,387 crore during FY26, while EBITDA rose 50% to Rs 6,481 crore.
The company is also looking beyond aviation operations, with airport-linked commercial development emerging as a significant part of its expansion strategy. This includes plans for mixed-use districts around its airport assets, covering commercial, hospitality, retail and other developments.
For Mumbai and Navi Mumbai, the airport expansion has wider implications for the surrounding real estate and infrastructure ecosystem. Improved air connectivity and the development of airport-linked commercial districts are expected to strengthen the region’s role as a major business and investment corridor.
AAHL had also secured USD 1 billion in financing for Mumbai International Airport last year, with BlackRock-managed funds among the participating investors.
AAHL has declined to comment on the latest fundraise, stating that it does not respond to market speculation. The proposed transaction remains subject to discussions, with the final valuation, investment structure and participation of the investors yet to be confirmed.
Source: Money Control
