Adani Airports raises $750 mn via ECBs from international banks

NEW DELHI: Adani Airports Holdings Ltd (AAHL) Wednesday said it has raised $750 million via external commercial borrowings (ECB) from a consortium of international banks. The transaction was led by First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank. The company says it will “use the proceeds to refinance existing debt, invest in infrastructure upgrades, and capacity expansion across the six airports — Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram; scale the non-aeronautical businesses, including retail, F&B, duty free and services across the airport network.”

AAHL is India’s largest private airport operator (in terms of number of airports it operates) and a subsidiary of Adani Enterprises Limited. The company saw 9.4 crore passengers in FY 2024–25 with an overall capacity of 11 crore passengers which it aims to triple to 30 crore passengers per annum by 2040 through phased development. As part of this roadmap, the Navi Mumbai International Airport is expected to be operational shortly, adding 2 crore passengers annually in the first phase, with capacity expanding up to 9 crore annually in a phased manner.

AAHL CEO Arun Bansal said: “The trust placed in us by leading global financial institutions underscores the long-term value and potential of India’s aviation infrastructure. AAHL is well on its path to deliver exceptional customer experiences, leveraging technology for seamless operations, and prioritising sustainability and community engagement across its airport network…. remain committed to delivering customer-centric solutions and building world-class airport infrastructure that sets global benchmarks.”


Latham and Watkins LLP and Linklaters LLP acted as English Law counsel to the transaction, Cyril Amarchand Mangaldass and TT&A acted as Indian law counsel to the transaction.

AAHL was incorporated in 2019 as a 100% subsidiary of Adani Enterprises Ltd, the flagship company of the Adani Group. It operates airports in Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram. 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 portfolio, AAHL accounts for 23% of passenger footfalls and over 29% of India’s air cargo traffic.
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