Gautam AdaniImage Credit source: PTI
A group of global investors including Temasek and Alpha Wave Global are in talks to invest more than $1.3 billion i.e. Rs 12 thousand crore in Adani Group’s airport business. With this proposed investment, the estimated valuation of Adani Airport Holdings (AAHL) will increase to $18 billion, approximately Rs 1.51 lakh crore. This investment comes on the heels of similar large investments made by Capital International in various companies of the Adani Group.
According to ET report, four investors are expected to join this group. These investors want stake in India’s largest private airport operator. He is confident that air traffic will continue to increase in the world’s most populous country. Information about the remaining two investors is not available. The market valuation of GMR Airports at the close of trading on Thursday was Rs 1.02 lakh crore ($10.6 billion).
Right now there is no guarantee whether these talks will yield any result or not. According to the ET report, the management of the group is expecting a very high premium. Which may stop this deal. Also, some investors had demanded a structured investment with assured returns, which has been rejected by the group.
Temasek’s portfolio
Temasek also has a large infrastructure portfolio, which includes CapitaLand, Keppel and Sembcorp. Adani Group CFO Jugeshinder Singh told in an earnings call last month that the company has prepared a capex plan of Rs 40,000 crore for FY27. The largest share in this is for airports, which is approximately Rs 17,000 crore. Most of this will be spent on ‘city-side development’ at Mumbai, Navi Mumbai, Ahmedabad, Lucknow and Jaipur airports. The company is building a new terminal in Ahmedabad before the 2030 Commonwealth Games.
The company is accelerating the development work of the second phase at Navi Mumbai Airport. It is expected that due to the increase in passenger traffic, the existing capacity will be completely filled in the next 12-18 months. As of March 31, the company’s net worth was Rs 7,259.53 crore, which is 6.8% less than last year. At the same time, total liabilities increased by 37.7% from Rs 47,918.55 crore to Rs 65,976.90 crore. Revenue from operations in FY26 increased by 34.4% compared to the previous year. Profit after tax more than doubled from Rs 772.22 crore to Rs 1,731.04 crore.
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