New Delhi

BillionaireGautam Adani’s airport business is set to rank among the world’s most valuable airport operators after securing about USD 1 billion in fresh equity from investors including Temasek, BlackRock-managed funds, Alpha Wave Global and Premji Invest.

The transaction values Adani Airport Holdings at about $18 billion before the investment. Its implied post-money equity value of approximately $19 billion places it around third globally among major listed and recently valued airport operators, behind Spain’s Aena and Airports of Thailand, according to market research analysts.

The comparison is not strictly like-for-like as Aena and Airports of Thailand are publicly traded, while Adani Airport Holdings is privately held within Adani Enterprises. Public-market valuations also fluctuate with share prices.

Under the agreements, the investor consortium will acquire newly issued shares in three tranches and collectively hold about 5.54% once the transaction is completed. The final tranche is expected by July 2027.

The capital will fund expansion and modernisation of Adani’s airport network, airport-linked commercial infrastructure and businesses such as ground handling and passenger services. The company aims to increase annual airport capacity to about 200 million passengers. Adani Airports operates eight airports, including Mumbai International Airport, and handles roughly a quarter of India’s passenger traffic and about a third of its air-cargo volumes. It is India’s largest airport operator by number of airports, although GMR handles larger passenger volumes.

The valuation puts Adani Airports ahead of Groupe ADP, valued at about $13 billion, and GMR Airports at around $10.9 billion, according to analysts. Aena has a market value of about $46 billion and Airports of Thailand about $27 billion.

The company also plans about 22 million sq ft of mixed-use development in the first phase of its airport-city projects, adding commercial and real-estate revenue streams. The fundraise follows Adani Enterprises’ Rs 15,000-crore QIP in July.