AAHL to build world’s largest airports platform, says Bansal
A consortium of investors comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds are backing Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL) and one of India’s largest private airport operators, through binding agreements to raise Rs.9,825 crore (~USD1 billion) of primary equity capital.
The transaction values AAHL at a pre-money equity valuation of ~USD18 billion and represents one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector.
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.
AAHL and the investors have entered into a Share Subscription Agreement and a Shareholders’ Agreement pursuant 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. Upon completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.
The proceeds will support three strategic priorities: expanding and modernising airport infrastructure across AAHL’s portfolio; accelerating the development of integrated Adani Airport City ecosystems around its airports with development of ~ 22 million sq. ft. of mixed-use development planned in the first phase; and scaling passenger-facing and other non-aeronautical businesses including our ground handling business. These investments are expected to increase capacity to serve ~ 200 million passengers annually, deepen commercial monetisation, enhance passenger experience and further strengthen AAHL’s integrated airport ecosystem.
The transaction follows AEL’s successful Rs.15,000 crore qualified institutional placement (QIP) in July 2026, India’s largest QIP by a non-financial corporate. Together, the transactions reflect continued access by the Adani portfolio to significant pools of long-term domestic and global institutional capital.
“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,” said Jeet Adani, Non-Executive Director, Adani Airport Holdings Limited.
“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,” he said on 9 Sept.
“We will continue to build capabilities within AAHL to scale it into the world’s largest airports platform,” added Arun Bansal, CEO, Adani Airport Holdings Limited. “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 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. Fiinews.com
