Adani Airports Holdings Ltd (AAHL), a wholly-owned subsidiary of Adani Enterprises Ltd, and India’s largest private airport operator, has secured $1 billion financing through a project finance structure for its Mumbai International Airport Ltd (MIAL). The transaction involves issuance of $750 million notes maturing in July 2029.

The financing structure also includes a provision to raise an additional $250 million, resulting in total financing of $1 billion. This framework is expected to provide enhanced financial flexibility for the capital expenditure programme of MIAL for development, modernisation, and capacity enhancement.

This is India’s first investment-grade (IG) rated private bond issuance in the airport infrastructure sector, the company said. “The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds, Standard Chartered among others, underlining global confidence in India’s infrastructure opportunity and Adani Airports' operating platform. Backed by MIAL’s stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-/stable,” the airports operator said in a statement.

AAHL said it remains committed to a long-term vision of transforming the airports infrastructure through continued investments in modernisation, capacity expansion, digitisation, and technology integration. “The transaction will also accelerate MIAL’s sustainability agenda, supporting its goal to achieve net zero emissions by 2029,” the statement said.

This issuance follows AAHL’s $750 million financing from a consortium of global banks. “This latest transaction is yet another validation of Adani’s access to diversified global capital markets and its ability to attract high-quality investors to India’s next-generation infrastructure platform,” the Gautam Adani-led conglomerate said.

“This successful issuance validates the strength of the Adani Airports’ operating platform, the robust fundamentals of Mumbai International Airport, and our commitment to sustainable infrastructure development,” said Arun Bansal, CEO, Adani Airports Holdings.

“With participation from Apollo-managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital. 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,” Bansal added.

Adani Group will also operate the upcoming Navi Mumbai airport. India’s biggest airline, IndiGo, plans to operate 18 daily departures — 36 air traffic movements — from Navi Mumbai International Airport (NMIA) to over 15 cities from day one, making it the first airline to commit to operating from NMIA at the start of commercial operations. In May, IndiGo said this frequency will be increased to 79 daily departures, including 14 international departures by November 2025, and further scaled up to over 100 daily departures by March 2026. By November 2026, the operations will be further built up to 140 daily departures, including 30 international departures, the airline said.