Adani Airport to Raise $1 Billion From Temasek, BlackRock Among Others
The investors will subscribe to new shares in three tranches, with the final tranche expected by July 2027
The Adani Group’s airport arm is raising 98.25 billion rupees ($1 billion) from global investors in its first major deal since founder Gautam Adani settled US legal probes, underscoring the conglomerate’s push to restart expansion plans.
Adani Airport Holdings Ltd. will sell a 5.54% stake to a consortium including Alpha Wave Global, Premji Invest, Temasek Holdings Pte and BlackRock Inc.-managed funds, valuing the business at about $18 billion, according to a company statement Wednesday. The investors will subscribe to new shares in three tranches, with the final tranche expected by July 2027.
The deal marks the first foreign investment into the airport unit, a milestone for a business that has become central to the group’s infrastructure strategy. Adani Airport is India’s largest private airport operator by number of airports, managing eight facilities including Mumbai and handling roughly 96 million passengers annually.
The proceeds will support airport modernization and capacity expansion to serve about 200 million passengers annually.
Shares of parent Adani Enterprises Ltd. rose as much as 4.2% in Mumbai on Wednesday, the most since May 26.
The new investors help accelerate the company’s long-term buildout, according to Jeet Adani, non-executive director at Adani Airport. “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,” he said in a statement.
The fundraising comes as billionaire Adani’s conglomerate resolves a series of legal overhangs that had weighed on investor sentiment. In May, Adani Enterprises reached a $275 million settlement with the US Department of the Treasury over apparent sanctions violations related to liquefied petroleum gas shipments linked to Iran. Separately, the US Justice Department dropped criminal charges against Adani and his nephew related to solar energy contracts in India.
The airport business has also outlined broader expansion plans beyond aviation. In June, the company said it would invest 200 billion rupees to build integrated city-side developments across its network, including Mumbai, Navi Mumbai, Ahmedabad and Lucknow. These walkable districts will integrate hospitality, retail, entertainment, and commercial hubs.
Premji Invest, one of the new backers, said India’s aviation sector is entering a period of structural growth.
The “sector is at a pivotal inflection point underpinned by robust structural tailwinds,” said T.K. Kurien, chief executive officer and managing partner.
Adani Airport plans to demerge from Adani Enterprises in 2028, Jeet Adani said in December, in a move expected to unlock value and position the business as a standalone infrastructure platform.
