Adani Airports Gets $1 Billion Via Project Finance For Mumbai Airport Upgrade

Adani Airports Holdings Ltd. has secured $1 billion in project finance for Mumbai International Airport Ltd., with $750 million raised through notes maturing in July 2029 and an option to raise a further $250 million, the company said Tuesday.

The financing will support the airport's development, modernisation, and capacity expansion programme. Adani Airports, a wholly-owned unit of Adani Enterprises Ltd., said the structure offers improved financial flexibility and represents India’s first investment-grade private bond issuance in the airport infrastructure sector.

The transaction was led by Apollo-managed funds and included participation from BlackRock-managed funds, Standard Chartered, and other global institutional investors. The notes are expected to be rated BBB–stable.

“Our ability to secure one of the largest private investment-grade project finance issuances demonstrates our commitment to financial discipline, capital efficiency, and long-term value creation,” said Arun Bansal, CEO, Adani Airports Holdings.
Advisors on the deal included A&O Shearman and Cyril Amarchand Mangaldas for the airport, and Milbank LLP and Khaitan & Co. for the investors.