The Adani Group announced on Tuesday that its airport division has secured $1 billion in funding from global investors to support the construction of the Mumbai International Airport. The transaction was led by Apollo-managed funds with participation from a syndicate of leading institutional investors and insurance companies which included BlackRock-managed funds Standard Chartered among others underlining global confidence in India’s Infrastructure opportunity and Adani Airports’ operating platform it said in a statement. Adani Airports Holdings Limited (AAHL) a wholly-owned subsidiary of Adani Enterprises Ltd and India’s largest private airport operator raised USD 1 billion through a project finance structure for its Mumbai International Airport Ltd (MIAL). The transaction involves issuance of USD 750 million notes maturing July 2029 which shall be used for refinancing. The financing structure also includes provision to raise an additional USD 250 million resulting in total financing of USD 1 billion. This framework will provide enhanced financial flexibility for the capital expenditure program of MIAL for development modernisation and capacity enhancement the company said in a statement. This is India’s first investment grade (IG) rated private bond issuance in the airport infrastructure sector. AAHL acquired a majority stake in Mumbai International Airport Limited (MIAL) and also holds the rights to develop and modernize six other airports like Ahmedabad Lucknow Mangaluru Jaipur Guwahati and Thiruvananthapuram. Additionally AAHL is a 74:26 joint venture partner with CIDCO in the Navi Mumbai International Airport project. (With Inputs From PTI)
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