Adani Airports Holdings Limited has secured $1 billion in project financing for Mumbai International Airport Limited (MIAL) through a landmark issuance of investment-grade USD-denominated notes, making it India’s first such private bond in the airport infrastructure space.
The issuance comprises $750 million of notes maturing in July 2029, with an option to upsize by an additional $250 million. The notes were placed with Apollo-managed funds and a syndicate of top-tier institutional and insurance investors.
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The proceeds will be deployed toward the modernisation, capacity expansion, and ESG initiatives of Mumbai International Airport, including efforts to achieve net-zero emissions by 2029.
Parties Involved
| Role | Entity |
|---|---|
| Issuer | Mumbai International Airport Ltd. (MIAL) |
| Sponsor | Adani Airports Holdings Limited |
| Investor | Apollo Global Management |
| Legal Advisor to MIAL (India) | Cyril Amarchand Mangaldas (CAM) |
| Legal Advisor to MIAL (Intl.) | A&O Shearman |
| Legal Advisor to Investor | Khaitan & Co |
| International Legal Advisor | Milbank LLP |
| Total Issue Size | $1 billion (initial $750M + $250M greenshoe) |
| Note Tenure | Maturity in July 2029 |
| Sector | Airport Infrastructure / Transportation |
Advisory Teams
Cyril Amarchand Mangaldas (India Counsel to MIAL)
Subhalakshmi Naskar – Co-head, Projects & Infrastructure
Anand Deshpande – Partner
A&O Shearman (International Counsel to MIAL)
Pallavi Gopinath Aney – Co-head, India Group
Kyungwon (Won) Lee – Partner
Etienne Gelencsér – Partner
Hae-Ran Song – Of Counsel
Naomi King – Consultant
Shinjan Alok – Associate
Khaitan & Co (Counsel to Apollo Management Singapore Pte. Ltd.)
Ashwin Bishnoi – Partner
Prateek Desai – Partner
Swathy Ramanath – Partner
Gautam Mudgal – Counsel
Kartikey Gautam – Principal Associate
Nitin Raghu, Sonalika Ahuja – Senior Associates
Krishnendu Ghosh – Associate
Milbank LLP (International Counsel)
David H. Zemans – Managing Partner, Asia Practice
James Orme, Terrence O’Donnell, Giles Kennedy – Partners, Singapore
Key Transaction Highlights
First investment-grade rated private bond issuance in India’s airport industry.
Attracted strong participation from global institutional investors, including BlackRock, Standard Chartered, and insurance funds.
Will fund airport capacity expansion, infrastructure upgrades, and net-zero carbon initiatives at Mumbai’s Chhatrapati Shivaji Maharaj International Airport.
Strengthens the financial backbone of the Adani Group’s airport platform, which operates India’s second-busiest airport.
Strategic Significance
This transaction marks a paradigm shift in airport financing in India — opening doors for other infrastructure developers to tap global bond markets with investment-grade instruments.
The structure also reflects growing investor interest in ESG-aligned infrastructure, with funds explicitly earmarked for sustainability-linked outcomes, including emissions reduction, green mobility, and energy efficiency.
Why It Matters
Reinforces India’s airport sector as a credible destination for foreign debt capital.
Demonstrates the evolving sophistication of private infrastructure financing, moving beyond traditional bank-led project finance.
Involves top-tier global and Indian law firms, showcasing the level of legal and regulatory complexity such cross-border capital market deals entail.
Aligns with India’s broader infrastructure modernisation and green energy goals under the National Infrastructure Pipeline (NIP).
About the Issuer
Mumbai International Airport Limited (MIAL), operated by Adani Airports, runs Chhatrapati Shivaji Maharaj International Airport (CSMIA) — one of India’s largest and busiest airports, serving over 45 million passengers annually.
The Adani Group has made significant strides in transforming MIAL into a next-generation sustainable airport hub, with investments in green buildings, renewable energy, and advanced passenger experience technologies.
This $1 billion deal not only reflects strong global investor confidence in India’s infrastructure growth story but also sets a regulatory and financing precedent for future airport and transport asset monetisation. It highlights the critical role of experienced legal counsel — both domestic and international — in executing capital-intensive, ESG-aligned transactions of national importance.
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
