According to a Business Standard report, US-based investment firm Apollo Global Management is reportedly in advanced negotiations to invest $750 million in bonds issued by Mumbai International Airport Limited (MIAL). The proposed investment is expected to be routed through Apollo’s insurance division, which has been actively targeting high-quality infrastructure assets in India.
The bond issue forms a part of a broader capital-raising strategy by Adani Airport Holdings Limited (AAHL), the operator of 7 airports across India. In addition to the bond issuance, AAHL is also seeking to raise another $750 million in loans from international banks, according to individuals familiar with the matter.
Adani Airport Holdings Limited was incorporated in 2019 as a 100% subsidiary of Adani Enterprises Ltd, the flagship company of the Adani Group.
The MIAL bond transaction has garnered attention from multiple financial institutions in the United States, with Apollo leading the discussions. This growing interest highlights continued investor confidence in India’s infrastructure sector, especially in airport assets, which are considered strategic and long-term in nature.
Read More: Adani Airport Holdings Ends Ground Handling Partnership With Turkish Firm Celebi.
According to sources, the funds raised through the loan facility will be directed towards capital expenditure and the refinancing of existing dollar-denominated debt that is set to mature in September. This strategy supports the group’s efforts to optimise its balance sheet and extend debt maturities.
In a separate development earlier this year, a consortium of global lenders, including BlackRock, provided a $750 million funding package to a family investment vehicle of the Adani Group for the acquisition of ITD Cementation. BlackRock alone contributed $250 million to the round.
AAHL’s current portfolio includes operational control of airports in Mumbai, Ahmedabad, Jaipur, Lucknow, Mangalore, Guwahati, and Trivandrum. The company is also spearheading the greenfield Navi Mumbai International Airport project, which is expected to commence operations in the next quarter.
AAHL is reportedly evaluating an initial public offering in the next two to three years, subject to the stabilisation of the Navi Mumbai Airport and the maturity of other revenue streams.
Adani Enterprises Limited, the parent entity, has announced an ambitious capital expenditure plan of ₹1.32 trillion ($15.8 billion) for the period FY25 to FY27. This includes:
Across its twelve listed entities, the Adani Group has committed to investing $100 billion by 2030 in critical infrastructure sectors such as ports, roads, airports, and cement. The group continues to prioritise greenfield development while remaining open to strategic acquisitions where valuations are considered favourable.
Group Chief Financial Officer Jugeshinder “Robbie” Singh recently emphasised the company’s incubation-led growth strategy during an analyst call. For 2026, Adani Enterprises is expected to deploy over ₹36,000 crore, including significant allocations towards airports, renewable energy, road development, and petrochemical ventures.
As part of its ongoing portfolio realignment, the group exited its investment in Adani Wilmar during FY25, realising a gain of ₹3,946 crore. This move is consistent with the group’s approach of scaling core infrastructure businesses while monetising mature consumer-facing ventures.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: May 19, 2025, 3:14 PM IST
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