Adani Airports Holdings Ltd (AAHL), the airport business arm of Adani Enterprises Limited, has taken a significant step towards its next phase of development by successfully raising USD 750 million through External Commercial Borrowings (ECB). The funds were secured from a consortium of leading international financial institutions, with the transaction being led by First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank.

This milestone funding reinforces the company’s strong standing in the global financial ecosystem and underlines the confidence that international lenders have in the long-term vision and execution capabilities of AAHL.

Purpose of the Fundraising

The USD 750 million funding will serve dual purposes:

• Refinancing existing debt of USD 400 million, thereby optimizing AAHL’s balance sheet and improving financial efficiency.

• Deploying the remaining funds toward growth capital expenditure (capex) across six major airports in its portfolio and expanding the non-aeronautical businesses, which include retail, food & beverage (F&B), duty-free, and other services.

The six airports benefiting from this investment are:
Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram.

Scaling India's Aviation Infrastructure

As India’s largest private airport operator, AAHL served over 94 million passengers in FY 2024–25 and currently has an operational capacity of 110 million passengers per annum. With growing air travel demand and increased passenger footfall, AAHL has laid out an ambitious roadmap to triple this capacity to 300 million passengers annually by 2040.

A key pillar of this growth strategy is the upcoming Navi Mumbai International Airport, which is poised to become a major addition to the Mumbai Metropolitan Region’s aviation capacity. In its first phase, it is expected to handle 20 million passengers, with plans to expand to 90 million annually in the future.

Global Financial Backing and Legal Advisors

The success of this funding round demonstrates the growing global interest in Indian infrastructure and particularly in Adani’s airport ecosystem, which is a critical component of India’s aviation growth story.

This ECB transaction was legally supported by top-tier law firms:

• Latham and Watkins LLP and Linklaters LLP served as English law counsel.

• Cyril Amarchand Mangaldas and TT&A advised on Indian legal aspects.

The transaction is among the largest structured ECB deals in India’s airport sector in recent years and sets a benchmark for future infrastructure-related funding.

Strategic Focus on Non-Aero Business

Beyond physical infrastructure, AAHL is also focusing heavily on enhancing its non-aeronautical business, which includes:

• Retail offerings

• Food and beverage services

• Duty-free shopping experiences

• Integrated airport services and entertainment

This aligns with global airport trends where non-aero revenues are a major driver of profitability. By elevating passenger experience and adding value beyond air travel, AAHL aims to boost its earnings and offer world-class amenities to Indian flyers.

Adani’s Commitment to Sustainability and Technology

In line with global best practices, AAHL continues to invest in:

• Sustainable airport infrastructure

• Smart technologies for seamless travel

• Energy-efficient terminal operations

• Community engagement in the regions where its airports operate

Arun Bansal, CEO of Adani Airports Holdings Ltd., emphasized this approach by stating:

“AAHL is committed to delivering customer-centric solutions and world-class infrastructure that set global benchmarks in service and sustainability. This financing gives us the financial flexibility to realize our long-term vision for Indian aviation.”

Strengthening India’s Position as an Aviation Hub

The continued development of AAHL’s airport portfolio, backed by global funding, not only benefits the company but also aligns with India’s broader goal of becoming a global aviation hub.

With government initiatives such as UDAN (Ude Desh ka Aam Nagrik) promoting regional connectivity and more Indians choosing air travel as a primary mode of transportation, AAHL’s strategy is well-positioned for long-term success.

Key Highlights

• USD 750 million raised through ECB for refinancing and growth capex.

• AAHL served 94 million passengers in FY25, aiming for 300 million by 2040.

• Major capex planned for six core airports and launch of Navi Mumbai International Airport.

• Enhanced focus on non-aero revenue streams and customer-first airport experiences.

• Legal support by Latham & Watkins LLP, Linklaters LLP, Cyril Amarchand Mangaldas, and TT&A.

Conclusion

The successful USD 750 million global fundraising marks a significant leap forward for Adani Airports Holdings Ltd, enabling the company to refinance existing liabilities and accelerate infrastructure growth across its expanding airport network. This aligns with India's national vision of modernizing its air travel ecosystem and offering world-class services to its growing base of domestic and international passengers.

As AAHL moves forward with projects like the Navi Mumbai Airport, scales its operational capacity, and enhances passenger experience through non-aero offerings, it solidifies its place as a global benchmark in airport management and development.

The Upcoming IPOs in this week and coming weeks are Jainik Power Cables, Sacheerome Limited, Victory Electric Vehicles International, Wagons Learning.

The Current active IPO are Ganga Bath Fittings.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.