Mumbai. In a major private credit transaction, Apollo Global Management has led a $750-million financing round for Mumbai International Airport Ltd (MIAL), the operator of the Chhatrapati Shivaji Maharaj International Airport and a key entity under the Adani Group.
The US-based investment firm said the four-year senior secured notes will primarily be used to refinance MIAL’s existing debt, with an additional $250 million earmarked for capital expenditure. Apollo described the transaction as the first investment-grade private bond issuance in India’s aviation sector and one of the largest such deals in the country’s infrastructure space.
“This marks Apollo’s second large financing for MIAL, having previously provided operational flexibility to deleverage and now delivering an investment-grade rated solution,” said Jamshid Ehsani, partner at Apollo.
Growing Trend in Private Credit
The deal is the latest in a series of large private credit transactions in India. Earlier this month, KKR provided $600 million to Manipal Group, marking its largest such deal in India. In May, Shapoorji Pallonji Group raised $3.4 billion from a group of global investors including BlackRock, Pimco, and Ares Management.
MIAL is 74% owned by Adani Airports Holdings Ltd, a subsidiary of Adani Enterprises Ltd, while the Airports Authority of India (AAI) holds the remaining 26%. Adani Airports is currently India’s largest private airport operator, managing eight airports across the country.
Supporting Expansion and Sustainability
In a separate statement, Adani Airports said the funding deal is supported by global banks and institutional investors such as BlackRock-managed funds and Standard Chartered. The proceeds will be used to support modernization, capacity expansion, and sustainability initiatives at Mumbai airport.
Arun Bansal, CEO of Adani Airports, said the transaction reflects the group’s “operational strength and unwavering commitment to sustainability.”
Strategic Legal Support
The transaction was supported by top legal firms. Allen & Overy LLP and Cyril Amarchand Mangaldas advised MIAL, while Milbank LLP and Khaitan & Co represented Apollo.
Mumbai Airport: A Key National Hub
Chhatrapati Shivaji Maharaj International Airport is India’s second-busiest airport, having handled 25.8 million passengers in the last financial year. The airport accounted for 23% of India’s passenger traffic and 30% of its air cargo, further underscoring its strategic importance in the country’s aviation and logistics infrastructure.
