Adani Airports has entered into binding agreements to raise Rs 9,825 crore, or about $1 billion, from a consortium of global investors to expand airport infrastructure and develop mixed-use airport city projects across India.
New Delhi | September 9, 2026
The primary equity investment will come from Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock. The transaction values Adani Airport Holdings Ltd (AAHL), a subsidiary of Adani Enterprises Ltd, at a pre-money equity valuation of about $18 billion, according to a company statement reported by the Times of India.
The investment is structured through a share subscription agreement and a shareholders’ agreement. The investors will subscribe to new AAHL equity shares in three tranches, with the final tranche expected to be completed by July 2027. Once all three tranches are completed, the investor consortium is expected to hold approximately 5.54% of AAHL.
AAHL said the proceeds would be used for three priorities: expanding and modernising airport infrastructure across its portfolio, accelerating integrated airport city ecosystems, and scaling passenger-facing and other non-aeronautical businesses, including ground handling. The company plans about 2.2 crore square feet of mixed-use development in the first phase of its airport city programme.
AAHL manages eight airports in Mumbai, Navi Mumbai, Ahmedabad, Jaipur, Lucknow, Guwahati, Mangaluru and Thiruvananthapuram. The company said these airports handle more than 23% of India’s total passenger traffic. It added that the planned investments are expected to raise capacity to serve 20 crore passengers annually, while also increasing commercial monetisation and improving passenger experience.
Jeet Adani, non-executive director of AAHL, said the partnership would support the expansion of the company’s airport platform. He said investments in air connectivity could support trade, tourism, employment and regional development beyond airport boundaries, while the company continued to invest in infrastructure, city-side developments and non-aeronautical businesses.
AAHL chief executive Arun Bansal said the company intended to build capabilities to scale its platform and cited passenger growth, rising consumer spending and city-side developments as key opportunities. The proposed airport city projects would combine airport-related activity with mixed-use development around the company’s facilities.
The transaction follows Adani Enterprises’ Rs 15,000 crore qualified institutional placement in July 2026, described by the company as the largest QIP by a non-financial corporate in India. The latest investment remains subject to customary conditions precedent, including the receipt of applicable approvals.
