Adani Enterprises’ wholly owned subsidiary -- Adani Airport Holdings (Adani Airports), India’s largest private airport operator, has raised $1 billion through a project finance structure for its Mumbai International Airport (MIAL). The transaction involves issuance of $750 million notes maturing July 2029 (Notes) which shall be used for refinancing. The financing structure also includes provision to raise an additional $250 million, resulting in total financing of $1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development, modernization, and capacity enhancement. The transaction will also accelerate MIAL’s sustainability agenda, supporting its goal to achieve net zero emissions by 2029.

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.

Adani Enterprises (AEL), the flagship company of the Adani Group, is one of India’s largest business organisations. The company has enhanced value for stakeholders by building prominent infrastructure assets and widening its presence across a range of sectors directed towards responsible nation-building.