Adani Airports Achieves $1 Billion Financing for Mumbai Airport Development

Adani Airports Secures Major Financing

Adani Airports Holdings Limited (AAHL), a fully owned subsidiary of Adani Enterprises Ltd and the largest private airport operator in India, has successfully arranged $1 billion in financing through a project finance structure for its Mumbai International Airport Ltd (MIAL). This deal includes the issuance of $750 million in notes that will mature in July 2029, aimed at refinancing existing obligations. Additionally, the financing framework allows for raising an extra $250 million, bringing the total financing to $1 billion. This arrangement will enhance MIAL's financial flexibility for its capital expenditure program focused on development, modernization, and capacity enhancement.

This marks the first investment-grade rated private bond issuance in India's airport infrastructure sector. The transaction was spearheaded by funds managed by Apollo, with contributions from a consortium of prominent institutional investors and insurance firms, including BlackRock and Standard Chartered, showcasing global confidence in India's infrastructure potential and Adani Airports' operational capabilities. Given MIAL's stable asset base and cash flows, the notes are anticipated to receive a BBB-/stable rating.

AAHL is dedicated to a long-term vision of enhancing airport infrastructure through ongoing investments in modernization, capacity expansion, digitization, and technology integration. Furthermore, this financing will expedite MIAL's sustainability initiatives, supporting its objective of achieving net-zero emissions by 2029.

This issuance follows AAHL's previous $750 million financing from a consortium of international banks, further validating Adani's access to diverse global capital markets and its ability to attract high-quality investors to India's next-generation infrastructure.

Statements from Adani Airports

What Did Adani Airports Say?

Arun Bansal, CEO of Adani Airports Holdings Ltd, stated, “This successful issuance validates the strength of the Adani Airports’ operating platform, the robust fundamentals of Mumbai International Airport, and our commitment to sustainable infrastructure development. With participation from Apollo-managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital. Our ability to secure one of the largest private investment-grade project finance issuances demonstrates our commitment to financial discipline, capital efficiency, and long-term value creation.”

The legal advisors for this transaction included A&O Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. served as counsel for the investors.