25 Jul 2025
Adani Airports Holdings Ltd (AAHL), a wholly-owned subsidiary of Adani Enterprises Ltd and India’s leading private airport operator, has successfully secured a $1 billion project financing package for Mumbai International Airport Ltd (MIAL), which operates Chhatrapati Shivaji Maharaj International Airport (CSMIA). This milestone transaction, announced in June 2025, represents India’s first investment-grade private bond issuance in the airport infrastructure sector, underscoring AAHL’s robust financial strategy and the growing investor confidence in India’s aviation market.
Financing Details
The $1 billion financing package comprises:
$750 million in senior secured notes maturing in 2029, primarily aimed at refinancing existing debt.
An additional $250 million green shoe option, providing flexibility for further capital raising to support MIAL’s ambitious growth plans.
The deal is led by funds managed by Apollo Global Management, with participation from prominent global investors, including BlackRock, Standard Chartered Bank, and other leading financial institutions. The investment-grade rating of the bonds reflects the strong operational performance of MIAL and the strategic importance of CSMIA as one of India’s busiest airports, handling over 50 million passengers annually.
Strategic Objectives
The funds will be deployed to drive critical initiatives at CSMIA, including:
Modernization and Infrastructure Upgrades: Enhancing passenger facilities, upgrading terminals, and improving operational efficiency to meet growing demand.
Capacity Expansion: Increasing the airport’s capacity to handle rising passenger and cargo traffic, aligning with India’s booming aviation sector.
Sustainability Goals: Implementing eco-friendly initiatives, such as energy-efficient systems and sustainable aviation fuel (SAF) infrastructure, to align with global environmental standards and AAHL’s commitment to net-zero carbon emissions.
Significance of the Transaction
This financing marks a significant milestone for India’s airport infrastructure sector. As the first investment-grade private bond issuance in this space, it sets a precedent for future private-sector funding in large-scale infrastructure projects. The participation of global heavyweights like Apollo and BlackRock highlights the attractiveness of India’s aviation market, which is projected to become the third-largest globally by 2030.
AAHL, which operates eight airports across India, including Mumbai, Ahmedabad, and Lucknow, continues to solidify its position as a key player in transforming India’s aviation landscape. The successful closure of this deal not only strengthens MIAL’s financial position but also reinforces AAHL’s ability to execute large-scale projects with global investor backing.
Looking Ahead
With this $1 billion financing, AAHL is well-positioned to accelerate the transformation of CSMIA into a world-class aviation hub. The focus on modernization, capacity expansion, and sustainability will enhance the passenger experience while contributing to India’s economic growth through improved connectivity and infrastructure.
As AAHL continues to expand its footprint and deliver on its vision of redefining airport ecosystems, this landmark transaction serves as a testament to its financial discipline and strategic foresight in navigating the dynamic aviation sector.
