Adani Airport Holdings Limited (AAHL) has signed agreements to raise primary equity capital of ₹9,825 crore, equivalent to approximately $1 billion USD. These funds will be received from a consortium including funds managed by Alpha Wave Global, Premji Invest, Temasek, and BlackRock.
According to the company's statement in documents filed with BSE on Wednesday, the deal values AAHL, a subsidiary of Adani Enterprises Limited (AEL), at a preliminary equity valuation of about $18 billion.
AAHL and the investors have signed a share subscription agreement and a shareholders' agreement. Under this agreement, the investors will acquire new shares of the airport operator in three tranches. The final tranche is expected to be completed by July 2027, after which investors will collectively own approximately 5.54% of AAHL.
The company stated that the raised funds will be used for the modernization and expansion of airport infrastructure in its portfolio, the development of integrated Adani Airport City ecosystems around the airports, and the scaling of passenger-focused and other non-aviation businesses, including ground handling.
As part of the airport city projects, AAHL plans to develop an area of about 22 million square feet of mixed-use development in the first phase. According to published data, these investments will increase capacity to handle approximately 200 million passengers annually.
Jit Adani, Non-Executive Director of AAHL, noted that this partnership marks an important milestone in the development of the Adani Airports platform, and the company values having such large long-term investors.
He also emphasized that the company will continue to invest in infrastructure, airport real estate development, and non-aviation business. Arun Bansal, CEO of AAHL, stated the company's plans to scale up capabilities to become the world's largest airport platform.
This current deal followed AEL's Qualified Institutional Placement (QIP) of ₹15,000 crore in July 2026, which the company called the largest QIP in India conducted by a non-financial corporation.
The deal is subject to the fulfillment of standard pre-conditions, including obtaining necessary approvals. AAHL operates eight airports across India and serves over 23% of the country's total passenger traffic. Its platform covers air navigation operations, passenger-focused non-aviation services, and the development of adjacent urban areas.