Apollo in talks to invest $750 million in Adani's Mumbai Airport bonds

The MIAL bond issuance is likely to close in the next few weeks and has drawn interest from several US-based financial institutions led by Apollo

US-based financial services giant Apollo Global Management is in advanced talks to invest $750 million in bonds to be issued by Mumbai International Airport Limited (MIAL), according to people familiar with the matter.

 

The investment is expected to come through Apollo’s insurance arm, which is actively targeting high-quality infrastructure assets in India.

 

The bond issuance is part of a broader fundraising initiative by Adani Airport Holdings Limited (AAHL), which operates seven airports across India.

 

In a separate deal, AAHL is also looking to raise an additional $750 million in loans from international banks, sources said.

 

The MIAL bond transaction is likely to close in the coming weeks and has attracted interest from multiple US-based financial institutions, led by Apollo. This points to sustained investor appetite for Indian infrastructure credit, particularly in the airport sector.

 

Apollo declined to comment on the deal. The Adani group also did not respond to an email request for comment.

 

Proceeds from the AAHL loan facility will be used for capital expenditure and to refinance dollar-denominated debt maturing in September, sources said.

 

In April, a consortium of global lenders extended $750 million to a family investment vehicle of the Adani group for the acquisition of ITD Cementation. BlackRock contributed $250 million to that round, according to banking sources.

 

“Despite challenges, the group continues to attract marquee US investors. Strong ratings and predictable cash flows have helped bring in long-term capital,” said a banker involved in the process. 

 

AAHL’s current airport portfolio includes Mumbai, Ahmedabad, Mangalore, Jaipur, Lucknow, Guwahati, and Trivandrum. Its greenfield Navi Mumbai Airport project is scheduled to commence operations in the next quarter. The company is eyeing an initial public offering in the next 2–3 years, once the Navi Mumbai facility stabilises, and other revenue streams mature.

 

Parent company Adani Enterprises Ltd. has announced capital expenditure plans totaling ₹1.32 trillion ($15.8 billion) for FY25–FY27. This includes ₹47,000 crore for renewables, ₹44,000 crore for airports, ₹19,000 crore for roads, and ₹16,000 crore for a greenfield PVC project.

 

According to Care Ratings, financial closures have been secured for most of these projects, including the PVC facility, as the group continues to adopt a phased, modular funding strategy.

 

Across its 12 listed entities, the Adani Group aims to invest $100 billion by 2030 in sectors such as ports, roads, airports, and cement. The group is prioritising greenfield development while selectively pursuing M&A opportunities where valuations are favorable.

 

The FY25 results affirm Adani Enterprises’ incubation strategy for scaling core infrastructure businesses, Group CFO Jugeshinder “Robbie” Singh said on a recent analyst call. In 2026, AEL plans to deploy over ₹36,000 crore, including ₹10,500 crore for airports, ₹5,500 crore for renewable energy, ₹6,200 crore for road infrastructure, and ₹9,000 crore for petrochemical ventures.

 

It also exited its investments in consumer goods firm Adani Wilmar during FY25 after recording a gain of ₹3,946 crore.