The Adani Airports ₹9,825 crore fundraise — one of the largest primary equity investments in India’s airport infrastructure sector — closed with four law firms steering a multi-investor transaction announced on 9 September 2026. Adani Airport Holdings Limited (AAHL) has entered into binding agreements to raise ₹9,825 crore (~USD 1 billion) of primary equity capital from a consortium of leading domestic and global investors. Cyril Amarchand Mangaldas, JSA Advocates and Solicitors, TT&A, and AZB & Partners advised the respective parties across this landmark deal.
Introduction
AAHL, a subsidiary of Adani Enterprises Limited (AEL) and one of India’s largest private airport operators, executed binding agreements to raise ₹9,825 crore from a consortium comprising Alpha Wave Global, Premji Invest, Temasek, and BlackRock managed funds. The investors will subscribe to newly issued shares under a Share Subscription Agreement and Shareholders’ Agreement, with the investment divided into three tranches. Upon completion of all three tranches, the investors will collectively hold approximately 5.54% in AAHL.
Deal Value
The transaction values AAHL at a pre-money equity valuation of ~USD 18 billion, establishing a significant external institutional valuation benchmark for the airports platform. The total equity raised stands at ₹9,825 crore (~USD 1 billion). The transaction remains subject to customary conditions precedent, including receipt of applicable regulatory approvals.
Legal Teams Involved
Cyril Amarchand Mangaldas — Advised Adani Airport Holdings Limited
The Firm’s scope of work included structuring the transaction; drafting, negotiating and finalising the binding agreements; and undertaking due diligence on the target.
Transaction Deal Team:
- Subhalakshmi Naskar — Partner, Co-Head – Projects (Infrastructure)
- Anand Deshpande — Partner
- Yashasvi Raj — Associate
Transaction Due Diligence Team (led by Anand Deshpande):
- Hrishikesh Jaiswal — Associate
- Yashasvi Raj — Associate
- Anshum Agarwal — Associate
- Prakhar Khandal — Associate
- Soumya Modi — Associate
- Trisha Choudhary — Associate
Overall Guidance:
- L. Viswanathan — Senior Partner
Strategic Inputs:
- Gathi Prakash — Partner
- Aviral Sahai — Partner
- Nidhi Asher — Partner
JSA Advocates and Solicitors — Advised Temasek Holdings
Transaction Team:
- Vikram Raghani — Senior Partner (lead)
- Sayan Ghose — Partner
- Farah Titina — Principal Associate
- Reshma Oak — Principal Associate
- Manoj Mohapatra — Senior Associate
- Yagnesh Sharma — Associate
- Shaan Manata Bhatt — Associate
- Niki Shah — Associate
- Wyoma Chudasama — Associate
Aviation Aspects:
- Poonam Verma — Senior Partner
Litigation Aspects:
- Varghese Thomas — Senior Partner
TT&A — Advised BlackRock Managed Funds
Transaction Team:
- Sonali Mahapatra — Partner
- Rebha Dakshini — Partner
- Jasel Mundhra — Senior Associate
AZB & Partners — Advised Alpha Wave Global and Premji Invest
Team advising Alpha Wave Global:
- Vaidhyanathan Iyer — Senior Partner
- Vasudha Asher — Partner
- Anuja Tiwari — Partner
- Pranjal Bhattacharya — Partner
- Shikhar Thukral — Counsel
- Tanay Chopra — Senior Associate
- Nishita Agrawal — Senior Associate
Team advising Premji Invest:
- Divya Mundra — Partner
- Kunal Kumbhat — Partner
- Mallika Anand — Partner
- Tanusmita Ghosal — Senior Associate
Significance and Impact
The transaction values AAHL at a pre-money equity valuation of ~USD 18 billion and represents one of the largest primary equity investments from financial institutions in India’s airport infrastructure sector. The multi-firm advisory structure — spanning four leading Indian law firms across structuring, due diligence, aviation law, and investor-side counsel — reflects the transaction’s complexity and scale.
AAHL said the capital will fund airport modernisation and capacity expansion, development of approximately 22 million square feet of mixed-use Adani Airport City projects in the first phase, and expansion of ground handling and other non-aeronautical businesses. The company expects those investments to increase its airport capacity to approximately 200 million passengers annually.
The transaction follows AEL’s successful ₹15,000 crore qualified institutional placement (QIP) in July 2026, India’s largest QIP by a non-financial corporate. The participation of Temasek, BlackRock, Alpha Wave Global, and Premji Invest as co-investors underscores sustained institutional confidence in India’s aviation infrastructure story. Track more such mandates on the Deal Meter.
The Adani Airports ₹9,825 crore fundraise marks a significant capital markets event for India’s private airport sector, with Cyril Amarchand Mangaldas, JSA Advocates and Solicitors, TT&A, and AZB & Partners collectively covering the full spectrum of legal advisory across the issuer and all four investors. AAHL currently manages eight airports across India and serves over 23% of India’s total passenger traffic. The transaction, structured across three closing tranches, will be watched closely as a valuation benchmark for future aviation-sector capital raises in India.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
