Indian billionaire Adani's airport unit to raise up to $1 billion for expansion

According to Business Recorder, Adani Enterprises said on Wednesday that its airport unit will bring in roughly $1 billion from investors including Temasek and BlackRock. The deal puts the airport operator at close to $18 billion before the new money arrives. Adani Enterprises, the flagship of Gautam Adani's group, is selling as much as 5.54% of the airport unit while expanding into data centres and green hydrogen.

Adani Airport Holdings will issue new shares to the consortium, while Adani Enterprises keeps control. The group also includes Alpha Wave Global and Premji Invest. The money is earmarked for upgrading and widening the airport network, building airport-linked commercial infrastructure and growing nearby businesses like ground handling and passenger facilities. The new capital should push capacity toward 200 million passengers annually.

Years of expansion have made the unit India's largest airport operator by airport count, and it manages eight airports including Mumbai International. Those airports handle about 25% of passenger traffic and 33% of air cargo across India. Back in July, Reuters had said the group was weighing a new airline, which could change competition with IndiGo and Air India. Adani Enterprises gained 3% to reach 3,043 rupees on Wednesday and is now on course for its seventh consecutive daily advance.