Adani Airports will raise about $1 billion in primary equity from a consortium of global and domestic investors, valuing the airport operator at approximately $18 billion before the new investment. The transaction is expected to support airport expansion, modernisation and the development of mixed-use airport-city projects across India.
Mumbai | September 9, 2026
Adani Airport Holdings Ltd (AAHL) said on Wednesday that Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock will collectively acquire approximately 5.54% of the company through the issuance of new equity shares. The investment will be completed in three tranches, with the final tranche expected by July 2027.
AAHL and the investors have signed a Share Subscription Agreement and a Shareholders’ Agreement for the transaction. The company said the investment remains subject to customary conditions precedent, including the receipt of applicable approvals.
The proceeds will primarily be used to expand and modernise airport infrastructure across AAHL’s portfolio, develop integrated airport-city ecosystems and scale passenger-facing and other non-aeronautical businesses. The company plans to develop about 22 million square feet of mixed-use projects in the first phase of its Adani Airport City developments around its airports.
AAHL said the investments are expected to raise the platform’s annual passenger-handling capacity to around 200 million. The company currently manages eight airports across India and serves more than 23% of the country’s total passenger traffic, according to the announcement.
The airport operator’s platform includes aeronautical operations, passenger-facing commercial activities and city-side development. The proposed airport-city projects are expected to combine airport-linked infrastructure with mixed-use development around the company’s airport portfolio.
Jeet Adani, non-executive director of AAHL, described the transaction as an important milestone for the airport platform. He said the company would continue investing in airport infrastructure, city-side developments and non-aeronautical businesses as air connectivity expands.
“Every expansion in air connectivity catalyses trade, tourism, employment and regional development well beyond the airport gate,” Adani said in the statement.
Arun Bansal, chief executive officer of AAHL, said the company would continue building its capabilities as it expands its airport portfolio. He attributed the company’s growth ambition to opportunities linked to India’s aviation sector, rising consumer spending and city-side developments in major urban centres.
The equity infusion follows Adani Enterprises’ Rs 15,000-crore qualified institutional placement in July, which the company described as the largest QIP by a non-financial corporate in India. The airport transaction is among the largest primary equity investments by financial institutions in India’s airport infrastructure sector, according to AAHL.
The company said the investment will be completed after the applicable conditions and approvals are met, with the last tranche scheduled for completion by July 2027.
