Key Financial Figures

  • Fundraising amount: ₹9,825 crores (~USD 1 billion) in primary equity capital
  • Pre-money equity valuation: ~USD 18 billion
  • Investor stake: Approximately 5.54% in AAHL upon completion of all tranches
  • Previous related transaction: Adani Enterprises' ₹15,000 crore QIP in July 2026

Transaction Structure

AAHL has entered into binding agreements with a consortium comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds. The investment will be completed through a Share Subscription Agreement and Shareholders' Agreement, with equity shares subscribed in three tranches. The final tranche is expected to be completed by July 2027.

Strategic Use of Proceeds

The funds will be deployed for three strategic priorities:

1. Expanding and modernizing airport infrastructure across AAHL's portfolio to serve ~200 million passengers annually

2. Accelerating development of integrated Adani Airport City ecosystems with ~22 million sq. ft. of mixed-use development in the first phase

3. Scaling passenger-facing and non-aeronautical businesses including ground handling operations

Management Commentary

Mr. Jeet Adani, Non-Executive Director of AAHL, stated that India's aviation sector is a powerful multiplier of GDP growth, catalyzing trade, tourism, employment and regional development. Mr. Arun Bansal, CEO of AAHL, emphasized building AAHL into the world's largest airports platform leveraging India's growth opportunities and rising consumer spending power.

Advisors and Conditions

The transaction advisors include 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. The transaction is subject to customary conditions precedent, including receipt of applicable approvals.

Company Background

Adani Airport Holdings Limited is a subsidiary of Adani Enterprises Limited and manages eight airports across India, serving over 23% of India's total passenger traffic. AAHL operates an integrated airports platform spanning aeronautical operations, passenger-facing non-aeronautical offerings and city-side development.