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Business Standard
24-06-2025
- Business
- Business Standard
Adani Group raises $1 billion to refinance debt for Mumbai airport
Mumbai International Airport Ltd (MIAL), a unit which operates India's second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement Press Trust of India New Delhi Adani Group has raised USD 1 billion from global investors led by New York-based Apollo Global Management to refinance existing debt for its Mumbai airport. Mumbai International Airport Ltd (MIAL), a unit which operates India's second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement. "The transaction involves issuance of USD 750 million notes maturing July 2029 which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion," the group said. This, it said, will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernisation, and capacity enhancement. The bonds will offer about 6.9 per cent over the four-year tenor. MIAL is managed by Adani Airport Holdings Ltd (AAHL), a subsidiary of group's flagship firm Adani Enterprises Ltd. AAHL holds 74 per cent stake in MIAL and the remaining 26 per cent is held by Airports Authority of India. Besides Apollo, other lenders include Metlife Inc, BlackRock Inc and Hong Kong-based FWD Insurance. "This is India's first investment grade (IG) rated private bond issuance in the airport infrastructure sector," the statement 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," it added. With eight airports in its management and development portfolio, AAHL is India's largest airport infrastructure company, accounting for 23 per cent of passenger footfalls and 30 per cent of India's air cargo traffic. AAHL also holds 74 per cent in Mumbai International Airport Ltd, which in turn holds 74 per cent in Navi Mumbai International Airport Ltd. Backed by MIAL's stable asset base and cash flows and operational excellence, the notes are expected to be rated BBB-or stable. "AAHL 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," it said. This issuance follows AAHL's USD 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. Arun Bansal, CEO, Adani Airports Holdings Ltd, 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. 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." The legal advisors to the transaction included A&O Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were investors' counsels.
Forbes
24-06-2025
- Business
- Forbes
Billionaire Gautam Adani's Mumbai Airport Raises $750 Million From Apollo-Led Investors
Passengers queue at check-in counters at Chhatrapati Shivaji Maharaj International Airport, operated ... More by Adani Group, in Mumbai, India, on Wednesday, May 22, 2024. Photographer: Sumit Dayal/Bloomberg Mumbai International Airport—controlled by billionaire Gautam Adani—raised $750 million financing from a group of investors led by New York-based Apollo Global Management. The four-year unsecured notes will be used to pay off existing debt, with the option to raise an additional $250 million to support Mumbai International Airport's expansion plans, Apollo said in a statement released on Monday. 'This financing provides us with greater operational flexibility and positions us to further enhance the airport experience for millions of travelers,' Arun Bansal, CEO of Adani Airport Holdings, the parent company of Mumbai International Airport, said in the statement. Mumbai International Airport—which operates the Chhatrapati Shivaji Maharaj International Airport, India's second-largest gateway—plans to invest 100 billion rupees ($1.1 billion) over the next five years to expand and modernize its infrastructure. Once completed, the airport can handle 229 million passengers a year, more than four times the 54.8 million passengers it served last year. Earlier this month, Adani Airport Holdings, raised $750 million in financing from international banks including Barclays, First Abu Dhabi Bank and Standard Chartered. Of that amount, $400 million will go toward paying off Adani Airport Holdings' debts, while the rest will be used to upgrade and expand the capacity of its six airports across India. With an estimated net worth of $64.5 billion based on Forbes' real-time data, Adani is the second-wealthiest person in India. He is the chairman of the Ahmedabad-based Adani Group, which has interests in airports, ports power, energy, edible oils, cement and real estate, among others.
India Gazette
24-06-2025
- Business
- India Gazette
Adani airports secures USD 1 bn financing from global investors for Mumbai International Airport
Mumbai (Maharashtra) [India], June 24 (ANI): Adani Airports Holdings Limited (AAHL), a wholly owned subsidiary of Adani Enterprises Ltd and India's largest private airport operator, has successfully secured USD 1 billion financing through a project finance structure for its Mumbai International Airport Ltd (MIAL). According to Adani, the transaction involves the issuance of USD 750 million notes maturing July 2029 ('Notes') which shall be used for refinancing. The financing structure also includes a provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program 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 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. AAHL remains committed to a long-term vision of transforming the airport's 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. This issuance follows AAHL's USD 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. Arun Bansal, CEO, Adani Airports Holdings Ltd, 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. With participation from Apollo-managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital.' He added, '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.' The legal advisors to the transaction included A&O, Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were the investors' counsels. (ANI)
Hans India
24-06-2025
- Business
- Hans India
Adani Airports Secures USD 1 Billion financing from Global Investors for Mumbai International Airport
Mumbai, June 24, 2025: Adani Airports Holdings Limited (AAHL), a wholly owned subsidiary of Adani Enterprises Ltd and India's largest private airport operator, has successfully secured USD 1 billion financing through a project finance structure for its Mumbai International Airport Ltd (MIAL). The transaction involves issuance of USD 750 million notes maturing July 2029 ('Notes') which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million, resulting in total financing of USD 1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernization, and capacity enhancement. This is India's first investment grade (IG) rated private bond issuance in the airport infrastructure sector. 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. AAHL remains committed to a long-term vision of transforming the airports infrastructure through continued investments in modernization, capacity expansion, digitization, and technology integration. The transaction will also accelerate MIAL's sustainability agenda, supporting its goal to achieve net zero emissions by 2029. This issuance follows AAHL's USD 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. Mr. Arun Bansal, CEO, Adani Airports Holdings Ltd, 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. 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.' The legal advisors to the transaction included A&O Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were investors' counsels. About Mumbai International Airport Limited (MIAL): Mumbai International Airport Limited (MIAL) is managed by Adani Airport Holdings Limited (AAHL), a subsidiary of Adani Enterprises, the flagship company of the globally diversified Adani Group. MIAL is a Public-Private Partnership (PPP) venture between AAHL, holding a majority stake of 74%, and the Airports Authority of India, holding the rest 26%. AAHL aims to converge India's biggest cities in a hub and spoke model through the Group's proven strength in developing and managing complex transport & logistics hubs. With a strong understanding of modern-day mobility requirements, the Adani Group's vision for MIAL is to reinvent Mumbai International Airport as India's biggest aerotropolis, where the traditional airport nucleus of passenger and cargo infrastructure will be reinforced by interdependent clusters of commercial and residential infrastructure to create the nation's busiest airport ecosystem. MIAL has been further envisioned as a global air-travel focal point where domestic and international flyers actively engage in business and leisure supported by metropolitan expansion that catalyses aviation-linked businesses and employment opportunities. At MIAL, we intend to create distinctiveness with an experiential offering that puts Mumbai first. About Adani Airport Holdings Ltd (AAHL) AAHL was incorporated in 2019 as a 100% subsidiary of Adani Enterprises Ltd, the flagship company of the Adani Group. In line with its vision to be the global leader in integrated infrastructure and transport logistics, the Adani Group made its maiden venture into the airports sector by emerging as the highest bidder for the operation, management, and development of six airports: Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram, and signing concession agreements with the Airport Authority of India for all six airports. AAHL also holds 74% in Mumbai International Airport Ltd, which in turn holds 74% in Navi Mumbai International Airport Ltd. With eight airports in its management and development portfolio, AAHL is India's largest airport infrastructure company, accounting for 23% of passenger footfalls and 30% of India's air cargo traffic. For the latest credit rating report of MIAL, please refer to the link below:
Mint
24-06-2025
- Business
- Mint
Adani Airports Holdings Limited secures USD 1 Billion financing
Adani Airports Holdings Limited (AAHL) successfully secured $1 billion financing through a project finance structure for its Mumbai International Airport Ltd (MIAL). AAHL is a wholly owned subsidiary of Adani Enterprises Ltd and India's largest private airport operator. MIAL is a subsidiary of Adani Airport Holdings. As per the statement, Mumbai International Airport Ltd secured a $750 million investment from a group led by affiliates of Apollo-managed funds and other long-term backers. According to Adani, the transaction involves the issuance of $750 million notes maturing July 2029 ("Notes") which shall be used for refinancing. The financing structure also includes a provision to raise an additional $250 million, resulting in total financing of $1 billion. This is said to be India's first investment-grade (IG) rated private bond issuance in the airport infrastructure sector. 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. AAHL remains committed to a long-term vision of transforming the airport's 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. 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. Arun Bansal, CEO, Adani Airports Holdings Ltd, 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. "With participation from Apollo-managed funds and leading institutional investors, we are proud to deepen our access to global pools of capital," Bansal said, He added, '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.' The legal advisors to the transaction included A&O, Shearman and Cyril Amarchand Mangaldas for MIAL, while Milbank LLP and Khaitan & Co. were the investors' counsels. Adani Airport Holdings currently operates eight airports across India and also oversees the Navi Mumbai International Airport, a strategically located project on the outskirts of Mumbai set become operational soon.
