Adani sets out to raise ₹30,000 crore for Terminal 2 of Navi Mumbai Airport

The group plans to raise ₹30,000 crore to build the second terminal and has initiated discussions with Indian and Japanese banks as well as the Singapore government’s investment company Temasek. Prime Minister Narendra Modi inaugurated the first terminal of Navi Mumbai International Airport on Wednesday.

Adani Airport Holdings Ltd (AAHL), a unit of the Ahmedabad-based conglomerate, will raise mainly debt, with some equity infusion by the promoters, said two people aware of the funding plan. About ₹10,000 crore ($1.2 billion) is expected to be locked in within the next six months and the remainder in the next 12-18 months.

Apart from Indian banks led by the State Bank of India, the group is in talks with at least two Japanese financiers—Mitsubishi UFJ Financial Group (MUFG) and Mizuho Financial Group, one person said.

“It’s debt, and mostly a mix of Indian and Japanese banks that we are looking at, apart from equity infusion by promoters. Details are being finalised depending on how the revenue streams come into play post-operationalisation of Navi Mumbai airport," the person said.

Terminal 1 of Navi Mumbai Airport was built at a cost of ₹19,464 crore—mostly debt—and can handle 20 million passengers per annum. Terminal 2 is estimated to cost ₹30,000 crore and will be able to handle 30 million passengers per annum.

It will be spread over an area of 400,000 square metres compared with the 234,000 sq. m Terminal 1. The second terminal is expected to be operational by 2029. Once all four terminals and two parallel runways are completed, the airport will be able to handle 90 million passengers.

Airport acquisitions

The Adani Group plans to list AAHL, a subsidiary of group flagship Adani Enterprises Ltd, in 2-3 years. It operates eight airports in India, including the one in Navi Mumbai. The conglomerate hopes to acquire 3-4 additional airports in the next round of privatization by the Indian government, said a third executive aware of the group’s plans.

The Indian government is expected to privatize about 11 state-run airports in the next one year through public-private partnerships, according to media reports.

SBI was part of the consortium of banks that previously lent to AAHL. The person cited earlier said the Adanis are mostly tapping “the same set of banks again," without identifying them.

In July 2025, AAHL was said to be in advanced talks to secure a $150 million bilateral offshore loan from MUFG. The Japanese bank has previously provided loans to other Adani units. Mizuho Financial Group has reportedly financed Adani units involved in ports and airports.

In March 2022, when the financial closure of the first terminal of the Navi Mumbai airport project was announced, Adani Enterprises, the holding company of the group’s airports business, said it had closed ₹12,770 crore ($1.7 billion) with SBI underwriting the entire amount.

Apart from SBI, discussions are under way with HDFC Bank. HDFC has recently been roped in as one of the bankers at a group level, the second person said.

Advances by Indian banks to the Adani Group have risen sharply in the past two years at the expense of international banks and capital markets. With ₹1.36 trillion in long-term and working capital borrowings, domestic banks accounted for just under half of the Adani Group’s debt as of 31 March 2025. This compares with 28% two years ago.

The Adani Group, SBI, HDFC Bank, MUFG and Mizuho did not respond to Mint’s request for comment. Temasek declined to comment.

Incorporated in 2019, AAHL is India’s largest private airport operator, with nearly one in every four air passengers in India passing through an Adani airport. It reported a 27% jump in revenue to ₹8,062 crore in FY25. Its Ebitda for the year rose by 43% year-on-year to ₹3,480 crore. The airport business contributes about 10% of the consolidated income of Adani Enterprises and about 21% to Ebitda.