Mumbai International Airport Ltd (MIAL), a subsidiary of Adani Airport Holdings, has raised $750 million through an investment led by funds managed by Apollo Global Management, the US-based private capital group confirmed on Monday.
The investment comprises four-year unsecured notes and includes participation from other long-term investors. The proceeds will be used to refinance existing debt. Apollo added that the agreement includes an option to increase the funding by an additional $250 million, subject to future conditions.
The transaction follows an earlier $750 million investment secured this month by Adani Airport Holdings from a group of international banks. The company is part of Adani Enterprises and oversees a portfolio of eight airports across India, including major hubs such as Mumbai, Ahmedabad, and Lucknow.
MIAL is a key asset within Adani’s airport business and also oversees the development of Navi Mumbai International Airport (NMIA), a greenfield project intended to reduce congestion at the existing Mumbai hub. NMIA is under construction and is expected to become operational in the near term. The site, located southeast of central Mumbai, is considered critical to the region’s aviation infrastructure due to increasing passenger volumes.
According to a Bloomberg report published in June, Adani plans to spin off its airport business and pursue a listing by March 2027. The group has yet to make a formal announcement regarding the IPO timeline.
Adani Enterprises and Adani Airport Holdings did not respond to requests for comment outside regular business hours.
