Project FinanceData
Adani Airports raises USD 1 bn from IHC unit, Temasek, BlackRock
Primary equity round values airport operator at USD 18 bn pre-money and funds expansion to 200 million annual passenger capacity.
Alpha Wave Global, Temasek and BlackRock funds subscribe to INR 98.2 bn round#
Adani Airport Holdings Limited is raising INR 98.2 bn (USD 1 bn) in primary equity from a consortium comprising Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds, according to a 10 September 2026 press release. Alpha Wave Global is a subsidiary of International Holding Company. The transaction values the airport operator at approximately USD 18 bn before the new investment. Investors will subscribe to new shares across three tranches, with the final tranche expected to complete by July 2027. Upon completion, the consortium will collectively hold approximately 5.54 percent of Adani Airport Holdings Limited. The transaction remains subject to customary conditions and applicable approvals.
Proceeds fund expansion to 200 million passenger capacity and Airport City projects#
The company will deploy the capital to expand and modernise airport infrastructure across its portfolio, with planned investments targeting capacity of approximately 200 million passengers annually. Funding will also support passenger-facing operations, ground handling and other non-aeronautical businesses. A further allocation will finance the first phase of integrated Airport City developments surrounding its airports, totalling around 22 million square feet of mixed-use development. Adani Airport Holdings operates eight airports in India, including Mumbai and Navi Mumbai, representing exposure to approximately 23 percent of the country's passenger traffic, according to Enterprise AM.
Round follows May valuation discussions and July QIP by parent#
Alpha Wave Global and Temasek were weighing a potential USD 1.3 bn investment in Adani Airports in May 2026, but had not yet agreed on a valuation at that time, Enterprise AM reported. The latest raise follows a INR 150 bn qualified institutional placement by parent company Adani Enterprises Limited in July 2026, which the company described as India's largest QIP by a non-financial corporate. Adani Airport Holdings is a subsidiary of Adani Enterprises Limited and one of India's largest private airport operators.
Operator plans INR 400 bn capex through FY 2027#
The group has outlined INR 400 bn (approximately USD 4.8 bn) of planned capital expenditure through FY 2027, according to Enterprise AM. The expansion programme is supported by strong traffic growth prospects in India's aviation sector. The latest equity raise represents one of the largest primary equity investments by financial institutions in India's airport infrastructure sector, according to the company's press release.
Sources2 sources across 2 domains
- gulfnews.comGulf NewsUSD 1 billion raise, investor consortium, USD 18 billion pre-money valuation, three tranches through July 2027, 5.54 percent collective stake, 200 million passenger capacity target, 22 million sq ft Airport City development, July 2026 QIP by Adani Enterprises
- enterpriseam.comEnterprise AMINR 98.2 bn equivalent, Alpha Wave Global as IHC subsidiary, May 2026 valuation discussions, eight airports including Mumbai and Navi Mumbai, 23 percent of India passenger traffic, INR 400 bn capex through FY 2027
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