AHMEDABAD, September 9: Adani Airport Holdings Limited (AAHL) has entered into binding agreements to raise ₹9,825 crore, or around $1 billion, in primary equity from a consortium comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds.
The transaction values AAHL, a subsidiary of Adani Enterprises Limited, at a pre-money equity valuation of around $18 billion.
Under the agreements, the investors will subscribe to newly issued equity shares of AAHL in three tranches.
The final tranche is expected to be completed by July 2027, following which the investor consortium will collectively hold approximately 5.54% in the airport company.
Completion of the transaction remains subject to customary conditions precedent, including applicable approvals.
The proceeds will be used to support expansion and modernisation of airport infrastructure across AAHL’s portfolio, with the company targeting capacity to serve around 200 million passengers annually.
The investment will also support development of integrated Adani Airport City ecosystems around its airports. Around 22 million sq ft of mixed-use development is planned in the first phase of the programme.
AAHL also plans to expand passenger-facing and other non-aeronautical businesses, including ground handling operations.
The company currently manages eight airports across India and accounts for more than 23% of the country’s passenger traffic, according to Adani.
“This partnership marks an important milestone in building out the Adani Airports platform,” Jeet Adani, Non-Executive Director of AAHL, said.
He said the company would continue investing in airport infrastructure, city-side developments and non-aeronautical businesses as India’s aviation market expands.
AAHL chief executive Arun Bansal said the company aims to scale AAHL into “the world’s largest airports platform”, supported by growth in India’s aviation market and expansion of airport-linked commercial developments.
The fundraising follows Adani Enterprises’ ₹15,000 crore qualified institutional placement in July 2026, which the company said was India’s largest QIP by a non-financial corporate.
Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India, SBI Capital Markets and Ernst & Young acted as advisers to the transaction.
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