Adani Airports To Raise ₹9,825 Crore From Global Investors At $18 Billion Valuation

Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises Limited (AEL), has entered into binding agreements with a consortium of domestic and global investors for a ₹9,825 crore primary equity raise.

The transaction gives AAHL a pre-money equity valuation of around USD 18 billion. The investor group comprises Alpha Wave Global, Premji Invest, Temasek and BlackRock managed funds.

Once all three tranches are completed, the investors are expected to collectively hold approximately 5.54% in AAHL.

The fundraise comes as India's aviation sector enters a period of passenger growth, capacity expansion and increased infrastructure investment. AAHL said the participation of long-term institutional investors represents external backing for the scale, operating capabilities and growth potential of its airport platform.

As of 10:27 am on 9 September 2026, Adani Enterprises shares were trading 5.81% higher at ₹3,120.30 from the previous close. The stock opened at ₹2,959.90 and touched a high of ₹3,134.70 in early trading.

AAHL Details Equity Deal Structure And Expansion Plan

AAHL and the investors have signed a share subscription agreement and a shareholders' agreement for the transaction. The new equity shares will be issued in three separate tranches, with the final tranche expected to be completed by July 2027. The transaction remains subject to customary conditions precedent, including obtaining applicable regulatory approvals.

The key advisers to the transaction include Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India Private Limited, SBI Capital Markets Limited and Ernst & Young LLP.

The proceeds will be directed towards three broad areas of growth. AAHL plans to modernise and expand airport infrastructure across its portfolio, develop an integrated Adani Airport City ecosystem and scale passenger-facing and other non-aeronautical businesses, including ground handling.

The first phase of the Airport City development is planned to cover approximately 22 million sq. ft. of mixed-use development around AAHL's airports. The company expects these investments to increase its capacity to serve around 200 million passengers annually.

AAHL also expects the investments to support greater commercial monetisation, improve passenger experience and strengthen its integrated airport ecosystem.

AAHL Manages Eight Airports Across India

AAHL currently manages eight airports across India and handles more than 23% of the country's total passenger traffic, according to the company. Its platform covers aeronautical operations, passenger-focused non-aeronautical services and city-side development.

The latest transaction follows AEL's ₹15,000 crore qualified institutional placement (QIP) completed in July 2026. The company described the fundraising as India's largest QIP by a non-financial corporate.

Taken together, the two transactions highlight the Adani portfolio's access to large pools of long-term domestic and international institutional capital.

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