India’s Adani Airport Holdings (AAHL) has entered into binding agreements to raise Rs98.25bn ($1.03bn) in fresh equity from Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds.
The agreement values AAHL at a pre-money valuation of roughly $18bn.
A subsidiary of Adani Enterprises Limited (AEL), founded by Indian billionaire Gautam Adani, the company runs eight airports across India and handles more than 23% of the nation's passenger traffic.
Under a share subscription agreement and shareholders' agreement, the investor group will buy new AAHL shares in three separate tranches.
The final tranche is due to be completed by July 2027.
After all tranches are completed, the consortium is expected to hold about 5.54% of AAHL.
The company said it plans to use the proceeds in three main areas: upgrading and expanding airport infrastructure across its network, and developing the Adani Airport City project, which includes roughly 22 million square feet of mixed-use development in its opening phase.
The third area is expanding non-aeronautical and passenger-facing businesses such as ground handling.
AAHL has connected the fundraising to its plans to handle approximately 200 million passengers annually.
The transaction follows AEL’s Rs150bn qualified institutional placement, which closed in July 2026 and which the firm has called the largest QIP by a non-financial corporate in India to date.
Completion of the deal is subject to standard closing conditions, including regulatory clearances.
AAHL has said the transaction is not a related-party transaction and that it will remain a wholly-owned unit of AEL until the process is completed.
AAHL non-executive director Jeet Adani 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.”
