In a significant development for India’s infrastructure financing landscape, Mumbai International Airport Ltd (MIAL)— a subsidiary of Adani Airports Holdings Ltd (AAHL) — has closed a $750 million investment-grade debt deal led by global asset manager Apollo and a group of long-term institutional investors.
The funding, structured as four-year senior secured notes, will primarily be used to refinance existing loans, while allowing for an additional $250 million in future capex allocation. This marks one of the largest private investment-grade financings ever executed in India’s infrastructure sector — a notable moment for both Indian airports and global credit markets.
A Deepening Apollo-Adani Partnership
This is the second major financing Apollo has extended to MIAL. The two firms previously collaborated on a deal that helped deleverage the airport operator. The latest transaction signals a deepening strategic relationship, with Apollo providing capital that goes beyond short-term liquidity — offering scalable, long-term flexibility for Adani’s flagship airport asset.
“This bespoke solution is built for scale and growth,” said Jamshid Ehsani, Partner at Apollo. “It reflects our commitment to enabling critical infrastructure transformation in high-growth economies like India.”
Airport Expansion Meets Investor Confidence
With this fresh injection of capital, Chhatrapati Shivaji Maharaj International Airport (CSMIA) — India’s second busiest — is poised to accelerate its modernization, expansion, and digital transformation plans. CEO Arun Bansalemphasized that the financing would bolster operational flexibility and help realize Adani’s broader vision for the airport.
“We’re focused on enhancing comfort, efficiency, and sustainability for millions of travellers,” said Bansal. “Apollo’s backing, combined with Adani’s execution strength, positions MIAL for its next growth chapter.”
Sustainability Embedded in the Strategy
In line with the group’s commitment to responsible infrastructure, the financial flexibility gained will also be channeled toward sustainability initiatives:
- Transition to electric vehicle fleets
- Implementation of energy-efficient systems
- Aggressive water conservation programs
- A clear roadmap to achieving net-zero emissions by 2029
Apollo’s Matt Michelini, Head of Asia-Pacific, reinforced the strategic view:
“India’s infrastructure evolution is a priority area for Apollo, and this deal reflects our belief in hybrid credit structures that align capital with climate and growth.”
Legal Advisory & Deal Structuring
- MIAL’s legal counsel: Allen & Overy LLP and Cyril Amarchand Mangaldas
- Apollo’s legal advisors: Milbank LLP and Khaitan & Co
The scale and sophistication of the deal suggest a growing trend: India’s core infrastructure assets are becoming increasingly investable for global institutional capital — provided the structure is tailored, long-term, and aligned with ESG commitments.
365247 Media Insight: India’s Airport Financing Is Entering Its Institutional Era
The $750M MIAL deal represents more than just a refinancing — it’s a blueprint for capital efficiency in next-gen infrastructure. With ESG metrics now central to funding strategies, and private credit firms like Apollo willing to structure flexible capital at scale, Indian infrastructure could be entering a new cycle: less reliant on public funding, more global in ownership, and sharper in sustainability benchmarks.
