Adani Airports secures Rs 8,612 crore financing for Mumbai International Airport

New Delhi: Adani Group's airport arm has secured $1 billion (Rs 8612 crore) in financing from global investors to fund construction of the Mumbai International Airport, the conglomerate said on Tuesday.

"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 $1 billion through a project finance structure for its Mumbai International Airport Ltd (MIAL).

The transaction involves issuance of $750 million (Rs 6,459 crore) notes maturing July 2029 which shall be used for refinancing. The financing structure also includes provision to raise an additional $250 million (Rs 2,153 crore), resulting in total financing of $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.