AAHL, a subsidiary of Adani Enterprises and one of India’s largest private airport operators, has entered into binding agreements with Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock to raise the capital.
The fund raise values AAHL at a pre-money equity valuation of $18 billion. Following the completion of all three tranches, which are expected to be completed by July 2027, the investors will collectively hold around 5.54% in AAHL.
The company said the funds will primarily be used to expand and modernise airport infrastructure across its portfolio, develop integrated airport city ecosystems and scale passenger-facing and other non-aeronautical businesses, including ground handling.
AAHL plans to develop around 22 million square feet of mixed-use projects in the first phase of its airport city developments. The investments are expected to help the company scale capacity to serve around 200 million passengers annually, while also increasing commercial monetisation and improving passenger experience.
The transaction will be executed through three tranches under a Share Subscription Agreement and Shareholders’ Agreement between AAHL and the investors.
The fund raise comes shortly after Adani Enterprises raised ₹15,000 crore through a qualified institutional placement in July 2026, which was India’s largest QIP by a non-financial corporate, according to the company.Jeet Adani, Non-Executive Director of AAHL, said the investment marks an important milestone in expanding the airport platform, with the new partners expected to support the company’s plans to invest ahead of India’s growing aviation demand.
Arun Bansal, CEO of AAHL, said the company aims to scale the business into a global airports platform, supported by rising air travel, increasing consumer spending and the development of airport-led urban ecosystems.
