Adani’s Airport Arm Raises $750 Million—Here’s Who Backed the Deal

Adani Airports Holdings Ltd (AAHL), India’s largest private airport operator, has secured $750 million through external commercial borrowings (ECB) from a consortium of global banks, including First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank.

The funding is part of AAHL’s broader plan to scale up operations and infrastructure at six of its airports—Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram. The raised capital will serve two purposes: refinancing existing debt of $400 million and channelling the remaining $350 million into growth capital expenditure, particularly in the development of non-aeronautical businesses such as retail, food and beverage, duty-free, and ancillary services.

Capacity Ambitions and Strategic Vision
In FY 2024–25, AAHL handled 94 million passengers across its network, which currently has a capacity of 110 million. The company aims to nearly triple this number to 300 million passengers annually by 2040.

The development of the Navi Mumbai International Airport, a flagship project, is a key component of this growth roadmap. Set to become operational soon, its first phase will add capacity for 20 million passengers, scaling to 90 million over time—significantly boosting aviation infrastructure in the Mumbai Metropolitan Region.

Investor Confidence in India’s Aviation Future
“The trust placed in us by leading global financial institutions underscores the long-term value and potential of India’s aviation infrastructure,” said Arun Bansal, CEO of AAHL. “AAHL is well on its path to deliver exceptional customer experiences, leveraging technology for seamless operations, and prioritizing sustainability and community engagement across its airport network.”

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Legal and Structural Backing
Legal counsel for the deal included Latham and Watkins LLP and Linklaters LLP on English law, with Cyril Amarchand Mangaldas and TT&A handling Indian law aspects.
 

Incorporated in 2019 as a 100% subsidiary of Adani Enterprises Ltd, AAHL now manages eight airports and accounts for 23% of India’s passenger traffic and 29% of its air cargo volumes, positioning itself as a central player in the country’s fast-evolving aviation ecosystem.