Billionaire Gautam Adani’s Mumbai Airport Raises $750 Million From Apollo-Led Investors

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Mumbai International Airport—controlled by billionaire Gautam Adani—raised $750 million financing from a group of investors led by New York-based Apollo Global Management.

The four-year unsecured notes will be used to pay off existing debt, with the option to raise an additional $250 million to support Mumbai International Airport’s expansion plans, Apollo said in a statement released on Monday.

“This financing provides us with greater operational flexibility and positions us to further enhance the airport experience for millions of travelers,” Arun Bansal, CEO of Adani Airport Holdings, the parent company of Mumbai International Airport, said in the statement.

Mumbai International Airport—which operates the Chhatrapati Shivaji Maharaj International Airport, India’s second-largest gateway—plans to invest 100 billion rupees ($1.1 billion) over the next five years to expand and modernize its infrastructure. Once completed, the airport can handle 229 million passengers a year, more than four times the 54.8 million passengers it served last year.

Earlier this month, Adani Airport Holdings, raised $750 million in financing from international banks including Barclays, First Abu Dhabi Bank and Standard Chartered. Of that amount, $400 million will go toward paying off Adani Airport Holdings’ debts, while the rest will be used to upgrade and expand the capacity of its six airports across India.

With an estimated net worth of $64.5 billion based on Forbes’ real-time data, Adani is the second-wealthiest person in India. He is the chairman of the Ahmedabad-based Adani Group, which has interests in airports, ports power, energy, edible oils, cement and real estate, among others.