Adani Airport Holdings Ltd (AAHL), India’s largest private airport operator, 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 projects around its airports.
New Delhi | September 9, 2026
The equity investment will come from Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock. The transaction values AAHL at a pre-money equity valuation of about $18 billion, according to the company. It is one of the largest primary equity investments by financial institutions in India’s airport infrastructure sector.
AAHL said the proceeds will be used for three priorities: expanding and modernising infrastructure across its airport portfolio, accelerating integrated airport-city developments, and scaling passenger-facing and other non-aeronautical businesses, including ground handling.
The company operates eight airports in Mumbai, Navi Mumbai, Ahmedabad, Jaipur, Lucknow, Guwahati, Mangaluru and Thiruvananthapuram. Together, these airports handle more than 23 per cent of India’s total passenger traffic, AAHL said.
The operator plans to develop about 2.2 crore square feet of mixed-use space in the first phase of its airport-city programme. The proposed developments are part of a broader strategy to combine aviation infrastructure with commercial and other city-side uses around major airports.
“These investments are expected to increase capacity to serve 20 crore passengers annually, deepen commercial monetisation, enhance passenger experience and further strengthen AAHL’s integrated airport ecosystem,” the company said in a statement.
AAHL non-executive director Jeet Adani said the investment would support the company’s plans to expand its airport platform and invest in infrastructure, city-side developments and non-aeronautical businesses. He described air connectivity as a contributor to trade, tourism, employment and regional development beyond airport boundaries.
AAHL chief executive Arun Bansal said the company intended to build capabilities across its airport network and cited passenger growth, rising consumer spending and city-side developments as drivers of expansion. The company did not provide a project-by-project breakdown of the proposed investment in the statement.
The investors will subscribe to new AAHL equity shares in three tranches under a share subscription agreement and a shareholders’ agreement. The final tranche is expected to be completed by July 2027. Once all three tranches are completed, the investors are expected to collectively hold approximately 5.54 per cent of AAHL.
The transaction remains subject to customary conditions precedent, including the receipt of applicable approvals. The advisers include Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India, SBI Capital Markets and Ernst & Young.
