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Adani Airports Holdings Ltd (AAHL), a subsidiary of Adani Enterprises and India's largest private airport operator, has secured USD 1 billion in project financing for Mumbai International Airport Ltd (MIAL). The deal includes a USD 750 million bond issuance maturing in July 2029 for refinancing, with an option to raise an additional USD 250 million. The funds will support MIAL's capital expenditure programme for modernisation and expansion. Notably, this marks India's first investment-grade bond issuance in the airport sector, with participation from global institutional investors including Apollo-managed funds, BlackRock, and Standard Chartered.
Adani Airports Holdings Ltd (AAHL), the airport arm of Adani Enterprises and the largest private operator in the country, has raised USD 1 billion in financing for the development and modernisation of Mumbai International Airport Ltd (MIAL). The financing follows a structured project finance route, with USD 750 million secured through notes that will mature in 2029. An additional USD 250 million may be raised under the same framework, giving Adani Airports financial headroom to fund its infrastructure vision for MIAL. Advertisement
The notes are expected to carry a BBB-/stable investment-grade rating, underpinned by MIAL's consistent cash flows and robust asset profile. This marks a historic first for India, being the only private bond issuance in the airport infrastructure space to secure an investment-grade credit rating.
The transaction has drawn global attention, led by Apollo-managed funds and supported by high-profile institutional investors such as BlackRock-managed funds and Standard Chartered, among others. Their involvement is seen as a vote of confidence in India's evolving infrastructure landscape and the Adani Group's ability to execute complex, long-term projects.
According to the company, the funds raised will be channelled towards capacity expansion, technology upgrades, and digitisation efforts. The issuance is also aligned with MIAL's sustainability roadmap, which targets net-zero emissions by 2029-a goal now expected to see faster progress following this funding.
This latest bond deal builds on the USD 750 million that AAHL had previously raised from a consortium of global banks. The company views this financing as a validation of its strong operating model and its strategic focus on capital efficiency and long-term value creation.
Legal counsel for the transaction included A&O, Shearman & Sterling, and Cyril Amarchand Mangaldas representing MIAL, while Milbank LLP and Khaitan & Co. advised the investors.
Source: ANI
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