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Mumbai Airport Soars with $1B Backing for Adani Airports

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For the largest private investment-grade project finance notes in Indian infrastructure, Adani Airports has secured USD 1 billion in funding from international investors for the Mumbai International Airport.

The financing framework supports MIAL’s strategic vision, which includes modernisation, capacity expansion, and sustainability initiatives—most notably, its commitment to achieving net-zero emissions by 2029. Global insurance companies and institutional investors, led by Apollo-managed funds, participated widely in the transaction. Adani Airports Holdings Limited (AAHL) has secured USD 1 billion financing for Mumbai International Airport Ltd (MIAL). This is India’s first investment-grade private bond issuance in the airport industry.

The largest private airport operator in India, Adani Airports Holdings Limited (AAHL), a fully owned subsidiary of Adani Enterprises Ltd, has successfully obtained USD 1 billion in funding for its Mumbai International Airport Ltd (MIAL) under a project finance framework. The USD 750 million notes that mature in July 2029 (the “Notes”) will be issued as part of the transaction and utilised for refinancing. The funding plan also provides for the raising of an extra $250 million, for a total financing amount of $1 billion. The capital investment program of MIAL for development, modernisation, and capacity enhancement will have more financial flexibility thanks to this framework.

This is the first private bond offering in India’s airport infrastructure sector to receive an investment grade (IG) rating. The deal, which was spearheaded by Apollo-managed funds and involved a syndicate of top institutional investors and insurance firms, including Standard Chartered and BlackRock-managed funds, demonstrated international trust in India’s infrastructure potential and Adani Airports’ operational framework. The notes are anticipated to be rated BBB-/stable, supported by MIAL’s steady cash flows, asset base, and operational efficiency.

With sustained investments in modernisation, capacity growth, digitisation, and technology integration, AAHL is steadfast in its long-term goal of revolutionising the airport’s infrastructure. Additionally, by accelerating its sustainability program, the deal will help MIAL reach its 2029 net-zero emissions target.
This issue comes after AAHL received USD 750 million in funding from a group of international banks. This most recent deal is further evidence of Adani’s ability to attract top-tier investors to India’s next-generation infrastructure platform and its access to diverse international financial markets.

“This successful issuance validates the strength of the Adani Airports operating platform, the robust fundamentals of Mumbai International Airport, and our commitment to sustainable infrastructure development,” stated Mr. Arun Bansal, CEO of Adani Airports Holdings Ltd. We are pleased to expand our access to international capital pools with the help of top institutional investors and Apollo-managed funds. Our dedication to long-term wealth creation, capital efficiency, and financial discipline is demonstrated by our ability to obtain one of the biggest private investment-grade project finance issuances. Milbank LLP and Khaitan & Co. advised investors, while A&O, Shearman, and Cyril Amarchand Mangaldas represented MIAL.