MUMBAI: Adani Airport Holdings Ltd (AAHL) will raise about USD 1 billion (Rs 9,825 crore) in primary equity from a consortium of marquee global and domestic investors, including Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds, the company said on Wednesday.The transaction values the airport operator at a pre-money equity valuation of around USD 18 billion and will see the investors collectively acquire approximately 5.54 per cent in AAHL upon completion of the three tranches.AAHL and the investors have entered into a Share Subscription Agreement and a Shareholders’ Agreement for the issuance of new equity shares. The final tranche of the investment is expected to be completed by July 2027, the company said.The fundraise is among the largest primary equity investments by financial institutions in India’s airport infrastructure sector and comes at a time when the country’s aviation sector is witnessing strong passenger growth and significant investment in airport capacity.The proceeds will primarily be used to expand and modernise airport infrastructure across AAHL’s portfolio, develop integrated airport-city ecosystems and scale up passenger-facing and other non-aeronautical businesses.AAHL plans to develop around 22 million square feet of mixed-use projects in the first phase of its Adani Airport City developments around its airports. The investments are expected to take the platform’s annual passenger-handling capacity to around 200 million.Jeet Adani, Non-Executive Director, AAHL, said the investment marked an important milestone for the airport platform.“This partnership marks an important milestone in building out the Adani Airports platform, and we are privileged to have such marquee, long-term investors alongside us on this journey,” he said.“India’s aviation sector is one of the most powerful multipliers of the country’s GDP growth. Every expansion in air connectivity catalyses trade, tourism, employment and regional development well beyond the airport gate. With the backing of these partners, we will continue to invest ahead of that growth, scaling our infrastructure, city-side developments and non-aeronautical businesses to build one of the world’s leading integrated airport platforms,” Adani said.Arun Bansal, CEO of AAHL, said the company would continue to build its capabilities as it expands its airport portfolio.“We will continue to build capabilities within AAHL to scale it into the world’s largest airports platform,” Bansal said.“This ambition is buoyed by the exponential growth opportunities across India, the rising spending power of the Indian consumer, and the momentum of our city-side developments as powerful economic catalysts in the country’s major urban centres. We are deeply grateful to our partners for their confidence and look forward to continuing on this path together as we build a truly world-class airport platform for India,” he said.AAHL, a subsidiary of Adani Enterprises Ltd, currently manages eight airports across India and serves more than 23 per cent of the country’s total passenger traffic.The company’s airport platform spans aeronautical operations, passenger-facing non-aeronautical businesses and city-side development.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 transaction is subject to customary conditions precedent, including receipt of applicable approvals, the company said.
