Adani Airports Holdings Limited (AAHL) will raise ₹9,825 crore, or about $1 billion, in primary equity from Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock, as the airport operator moves to expand and modernise its infrastructure portfolio across India.
The company disclosed the transaction in a filing to the BSE on Wednesday, September 9, 2026. Under binding agreements signed between AAHL and the investor consortium, the new equity will be subscribed in three tranches. The final tranche is expected to be completed by July 2027, subject to customary conditions, including applicable approvals.
The transaction values AAHL, a subsidiary of Adani Enterprises Limited, at a pre-money equity valuation of about $18 billion. Once all three tranches are completed, the four investors will collectively hold approximately 5.54 per cent in the airport operator.
AAHL said the proceeds would be used to expand and modernise airport infrastructure across its portfolio, develop integrated airport-city ecosystems and scale passenger-facing and other non-aeronautical businesses, including ground handling. The company plans approximately 22 million square feet of mixed-use development in the first phase of its airport-city projects.
The investment is also expected to support AAHL’s plans to increase its annual passenger-handling capacity to about 200 million passengers. The operator currently manages eight airports across India and serves more than 23 per cent of the country’s total passenger traffic, according to the company’s release.
The planned airport-city developments are intended to combine airport operations with mixed-use commercial and urban infrastructure around the terminals. AAHL’s platform currently includes aeronautical operations, passenger-facing services and city-side development, making the proposed investment relevant to both airport capacity and surrounding urban growth.
“This partnership marks an important milestone in building out the Adani Airports platform, and we are privileged to have such marquee, long-term investors alongside us on this journey,” Jeet Adani, non-executive director of AAHL, said in the company’s statement. He added that the company would continue investing in infrastructure, city-side developments and non-aeronautical businesses.
AAHL chief executive officer Arun Bansal said the company would continue building capabilities to scale the business into what he described as the world’s largest airports platform. The company did not disclose an airport-wise allocation of the new capital or a detailed construction schedule for the planned mixed-use developments in the material supplied.
The transaction follows Adani Enterprises’ ₹15,000 crore qualified institutional placement in July 2026, which the company described as the largest QIP by a non-financial corporate in India. The airport fundraising is subject to the completion of agreed conditions and applicable approvals.
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 advised on the transaction.
