Adani invests $ 1 billion in Navi Mumbai Airport

30 Oct 2023 CW Team

The Adani Group announced an investment of nearly $1 billion in Navi Mumbai International Airport, with plans to commence operations by December the following year.

Of the total investment of Rs 86.25 billion in the Navi Mumbai airport, Adani infused Rs 17.10 billion as equity. Additionally, they secured Rs 29 billion in term loans from a consortium of banks. Furthermore, a sum of Rs 36.55 billion in equity was contributed by the City and Industrial Development Corporation of Maharashtra (Cidco), a city planning agency in Maharashtra. As the project progresses, both Adani and Cidco are set to invest an additional Rs 15.11 billion.

The banks had recently completed their due diligence, which was followed by the investment.

During an annual general meeting held on 19 July, Gautam Adani, the group chairman, informed shareholders that the Navi Mumbai airport would achieve operational readiness by December 2024. "The goal is to launch the first of the four international passenger terminals before December 2024," the same source noted. This terminal is anticipated to manage a minimum of 20 million passengers and 300,000 tonnes of cargo annually. It aims to alleviate the traffic burden at the Mumbai international airport, which is expected to witness 51 million passengers passing through in the current fiscal year.

The current funding round is sufficient to complete the initial two phases out of the planned five for the Navi Mumbai airport. The entire project requires an investment of Rs 208.53 billion, with at least Rs 127.70 billion expected to be raised as term loans from a consortium of lenders. The financial closure for this was accomplished last year, and additional due diligence has been conducted in recent months following the Hindenburg report.

The consortium of lenders includes State Bank of India, EXIM Bank of India, IDBI Bank, India Infrastructure Finance Co, Union Bank of India, Punjab National Bank, Central Bank of India, and Bank of Maharashtra, as mentioned by the two sources. Some of these loans have a tenure of up to 26 years, stated the first insider.

The Adani Group announced an investment of nearly $1 billion in Navi Mumbai International Airport, with plans to commence operations by December the following year. Of the total investment of Rs 86.25 billion in the Navi Mumbai airport, Adani infused Rs 17.10 billion as equity. Additionally, they secured Rs 29 billion in term loans from a consortium of banks. Furthermore, a sum of Rs 36.55 billion in equity was contributed by the City and Industrial Development Corporation of Maharashtra (Cidco), a city planning agency in Maharashtra. As the project progresses, both Adani and Cidco are set to invest an additional Rs 15.11 billion. The banks had recently completed their due diligence, which was followed by the investment. During an annual general meeting held on 19 July, Gautam Adani, the group chairman, informed shareholders that the Navi Mumbai airport would achieve operational readiness by December 2024. The goal is to launch the first of the four international passenger terminals before December 2024, the same source noted. This terminal is anticipated to manage a minimum of 20 million passengers and 300,000 tonnes of cargo annually. It aims to alleviate the traffic burden at the Mumbai international airport, which is expected to witness 51 million passengers passing through in the current fiscal year. The current funding round is sufficient to complete the initial two phases out of the planned five for the Navi Mumbai airport. The entire project requires an investment of Rs 208.53 billion, with at least Rs 127.70 billion expected to be raised as term loans from a consortium of lenders. The financial closure for this was accomplished last year, and additional due diligence has been conducted in recent months following the Hindenburg report. The consortium of lenders includes State Bank of India, EXIM Bank of India, IDBI Bank, India Infrastructure Finance Co, Union Bank of India, Punjab National Bank, Central Bank of India, and Bank of Maharashtra, as mentioned by the two sources. Some of these loans have a tenure of up to 26 years, stated the first insider.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..