In all, four investors are expected to join the consortium seeking a stake in India’s largest private airport operator, betting that air traffic growth will continue to rise in the world’s most populous country. The identity of the other two investors could not be independently verified.
GMR Airports, which runs four airports, had a market value of Rs 1.02 lakh crore ($10.6 billion) at the end of Thursday trade.
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There is no guarantee that the discussions will lead to an outcome yet. According to the people cited, differences over valuation expectations haven’t been resolved, with the group’s management expecting a significant premium, upwards of $20 billion, which could be a deal breaker, they said.
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Also, some investors sought a structured investment with assured returns, a proposal the group has turned down, they added.
If successful, this will be the first equity fundraising from external parties in the business. The deal is expected to be finalised after the US Department of Justice rules on allegations of bribery and fraud against chairman Gautam Adani and nephew Sagar Adani. The group expects the ruling to be made soon, said people with knowledge of the matter. Bloomberg reported Thursday that authorities in the US are preparing to announce the dropping of charges, ending the case against Adani.Also Read: Cabinet clears upgradation of Nagpur International Airport
Last month, the eastern district court of New York approved a pre-motion conference sought by Adani and his nephew, allowing them to formally present arguments seeking to have the case dismissed at an early stage. This was perceived as a key legal opening for the Indian industrialist.
The group, which runs eight airports across India, entered the segment in 2019. It manages airports in Ahmedabad, Lucknow, Mangaluru, Mumbai, Jaipur, Guwahati and Thiruvananthapuram, in addition to the recently operationalised Navi Mumbai. Collectively, these airports serve 23% of the country’s total passenger base.
Adani Group CFO Jugeshinder Singh had told ET in June last year that AAHL may raise around $1 billion in equity from international investors as it evaluates growth plans and potential acquisitions.
In June 2025, AAHL secured $1 billion financing for Mumbai International Airport Ltd (MIAL), from funds managed by BlackRock, the world’s biggest asset manager, Standard Chartered Bank and Apollo Global Management. This included $750 million in debt refinancing and supports upgrades, capacity expansion and sustainability goals.
Alpha Wave Global is a subsidiary of Sheikh Tahnoon bin Zayed Al Nahyan’s International Holding Co (IHC), which remains a large shareholder in Adani Enterprises. Trillionaire Sheikh Tahnoon had invested $2 billion in three listed Adani companies via preferential allotments in 2023, in the aftermath of the Hindenburg report, which had sparked a crash in group unit stocks.
Temasek also has a large infrastructure portfolio, including CapitaLand, Keppel and Sembcorp.
Spokespersons of AAHL and Temasek declined to comment. Alpha Wave did not respond to queries.
Singh said in an earnings call last month that the company has drawn up a Rs 40,000 crore capital expenditure plan for FY27. The biggest share is for airports at about Rs 17,000 crore. Most of this will be for city-side development at the Mumbai, Navi Mumbai, Ahmedabad, Lucknow and Jaipur airports. The company is building a new terminal in Ahmedabad ahead of the 2030 Commonwealth Games.
The company is accelerating Phase 2 development at Navi Mumbai airport amid expectations that rising passenger traffic will fill up the existing capacity in 12-18 months.
As of March 31, the company’s net worth was Rs 7,259.53 crore, down 6.8% from the year before, while total liabilities rose 37.7% to Rs 65,976.90 crore from Rs 47,918.55 crore. FY26 revenue from operations rose 34.4% from the year before. Profit after tax more than doubled to Rs 1,731.04 crore from Rs 772.22 crore.
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