Adani Airport Holdings Ltd (AAHL) is planning a major fundraise by issuing bonds worth up to INR 1,500 crore as part of a revival in its domestic debt market activity. The proposed three-year bonds will carry an interest rate of about 8.45 per cent with quarterly payments and are being structured at the restricted group level for six of its airports, according to people familiar with the matter.
The bond issuance is expected to support operations and development across airports at Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati and Thiruvananthapuram, which together handle around 39 million passengers annually. This combined capacity is projected to more than double by fiscal year 2030, highlighting the need for flexible funding to back growth and infrastructure upgrades.
Industry sources said the fundraise structure is designed to consolidate these airports and avoid additional indebtedness for individual units—a move that could strengthen financial discipline and planning across the group’s airport assets. Trust Investment Advisors is arranging the bond sale, with India Ratings assigning an AA- rating to the proposed issuance.
AAHL has previously issued non-convertible debentures (NCDs) totalling INR 400 crore in financial years 2024 and 2025, which are set to mature between 2027 and 2029 and were used for capital expenditure purposes. The proposed bond sale is part of a broader resurgence in Adani Group companies returning to the domestic debt market after a period of subdued activity.
The use of bonds to raise long-term finance comes as airport traffic and spending on modernization grow across India, reinforcing the importance of stable funding sources for infrastructure players. A strong domestic debt market can help operators like Adani Airports manage capex requirements without excessive reliance on short-term debt.
If successful, the bond issuance could provide enhanced financial flexibility for AAHL as it continues to expand capacity, improve facilities and cater to rising passenger demand across its airport network while contributing to the overall development of India’s aviation infrastructure.
