Adani Airport Holdings (AAHL) said it has signed binding agreements to raise Rs 9,825 crore, equivalent to Rs 98.25 billion (Rs 98.25 bn), from a consortium led by Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock. The company reported that the equity infusion, equivalent to roughly USD 1 billion (USD 1 bn), values AAHL at a pre-money equity valuation of about USD 18 billion (USD 18 bn). The transaction was presented as one of the largest financial institution investments in India's airport infrastructure sector. Under the Share Subscription Agreement and Shareholders' Agreement the investor group will subscribe to new equity across three tranches, with the final tranche scheduled to close by July 2027. The consortium is expected to hold roughly five point five four per cent in AAHL on completion of the planned closings. The announcement followed Adani Enterprises Limited's Rs 15,000 crore qualified institutional placement completed in July 2026, equivalent to Rs 150 billion (Rs 150 bn), which the company described as the largest non-financial corporate QIP in the country. The operator intends to deploy proceeds to expand and modernise existing airport infrastructure to handle nearly 200 million (200 mn) passengers annually, to roll out city-side real estate, and to scale ground handling and non-aeronautical operations. In the first phase of the Adani Airport City project the company plans around 22 million (22 mn) square feet of mixed-use development. Management framed the city-side developments and non-aeronautical businesses as key levers to capture rising consumer spending and urban economic growth. Company executives characterised the strategic funding as an important milestone that will support long-term growth and capability building as the platform scales. The transaction advisers included Cyril Amarchand Mangaldas, AZB & Partners, JSA Advocates and Solicitors, TT&A Advocates and Solicitors, Jefferies India Private Limited, SBI Capital Markets Limited and Ernst & Young LLP. The company indicated the deal is subject to customary conditions precedent, including receipt of applicable approvals, and said it expects to continue investing ahead of projected demand.