Adani Airports hits listing runway
Adani Enterprises is planning to spin off and list its airport business in the second half of 2027, as it ramps up its presence in the rupee bond market.
The flagship of India's Adani Group intends to conduct a listing by introduction of Adani Airport Holdings on the domestic stock exchanges, Adani Group chief financial officer Jugeshinder "Robbie" Singh said in an interview with IFR, with no fresh capital to be raised.
Adani Enterprises shareholders will receive shares in AAH in proportion to their holdings, he said.
The airports business was recently valued at US$15bn and is expanding rapidly, according to Singh.
AAH handles around 23% of India's passenger traffic and 29% of its air cargo. It has airports in Ahmedabad, Lucknow, Mangaluru, Mumbai, Guwahati, Jaipur and Thiruvananthapuram.
Revenue of Rs96.5bn (US$1.1bn) in the final nine months of 2025 was up 31% from the year ago period, while Ebitda rose 47% to Rs37.2bn.
The newly built Navi Mumbai International Airport will become fully functional in the coming months following inaugural flights in December. It will initially handle 20 million passengers and 0.5 million metric tonnes of cargo, with capacity planned to scale to 90 million passengers and 3.2mmt of cargo by 2032.
"The Ebitda for the airports business is estimated at Rs70bn with the addition of Navi Mumbai Airport," Singh said.
Two large institutional investors are expected to acquire stakes ahead of the listing, he said.
Adani Enterprises plans to bid for 11 airports that the government is preparing to privatise, as part of a wider plan to invest around US$11bn in building airport infrastructure by 2030, Reuters reported in December.
More rupee bonds
In the local currency market, a special purpose vehicle of Navi Mumbai International Airport is planning to raise up to Rs120bn from bonds in the next 18 months in one or more tranches. It is exploring raising Rs50bn from its maiden sale of long-tenor bonds in the next six months, Singh said.
The funds are likely to be used to refinance bank loans. In 2022, State Bank of India had underwritten the entire Rs127.7bn for greenfield development of the airport.
On February 11, AAH printed Rs15bn three-year bonds at 8.45%, payable quarterly, according to a filing on the National Securities Depository.
Trust Investment Advisors was the sole arranger for the deal.
The fundraisings are part of Adani Group's broader push to deepen its presence in the domestic bond market.
Group units Adani Electricity Mumbai, Adani Road Transport, Adani Power and Adani Transmission plan to raise a total of Rs600bn from rupee bonds in the next 18 months, Singh said.
Several large insurance companies are keen to participate in the bond offerings, Singh said. The businesses that are backed by steady cashflows such as ports, transmission and electricity and rated AAA domestically are "seeing very high demand from domestic investors," he said.
For example, in May, state-owned Life Insurance Corporation of India bought Rs50bn of 15-year bonds of Adani Ports and Special Economic Zone at 7.75%. In January, Adani Power sold its largest ever bond offering, a Rs75bn multi-tranche deal which saw strong demand from mutual funds.
In the offshore market, Adani Transmission plans to set up a treasury unit in Gujarat International Finance Tec‑City (GIFT City) to issue US dollar bonds. In January, renewable power company ReNew Energy Global issued the first bonds from the country's offshore financial hub, benefiting from a reduced withholding tax rate on coupons.
Separately, Adani Enterprises said on Tuesday it had "proactively and voluntarily initiated discussions with the US Office of Foreign Assets Control" regarding allegations in a June 2025 Wall Street Journal article that Adani companies had imported liquefied petroleum gas from Iran.
The company, which denies the allegations, said OFAC had in turn sent a request for information on February 4 and is conducting a civil investigation of the company’s transactions processed through US financial institutions that may have involved, directly or indirectly, Iran or persons subject to US sanctions on Iran.
Adani Enterprises said that "out of abundant caution" it had stopped all LNG imports since June 2 as they represented only 1.46% of its revenue in the year ended March 31 2025 and were "operationally non-material".