Apollo Provides $750 Million High-Grade Capital Solution to Mumbai International Airport Ltd. in Second Deal

Apollo Fuels Indian Infrastructure Expansion with $750 Million Investment in Mumbai Airport

NEW YORK and MUMBAI, India, June 23, 2025 –

Apollo (APO) is bolstering India’s infrastructure ambitions with a significant financial commitment. The global asset manager announced today that funds managed by Apollo, alongside affiliates and other long-term investors, have finalized a $750 million investment grade-rated financing for Mumbai International Airport Ltd. (MIAL). MIAL, a subsidiary of Adani Airports Holdings Limited (AAHL) and an Adani Portfolio company, operates Chhatrapati Shivaji Maharaj International Airport (CSMIA), India’s second-largest airport, solidifying Apollo’s dedication to fueling the nation’s economic growth.

The four-year senior secured notes will primarily be utilized to refinance existing debt, thereby bolstering MIAL’s financial flexibility. This strategic move will empower the airport to propel its operational efficiency, modernization initiatives, and sustainability projects. Furthermore, the financing structure allows for an additional $250 million in supplemental funding, earmarked for accelerating capital expenditure and capacity expansion. This transaction highlights Apollo’s robust approach to providing bespoke capital solutions and represents one of the largest private investment grade-rated deals in India’s infrastructure sector.

“We are pleased to collaborate with the Adani Group to deliver a scaled, bespoke capital solution for MIAL, supporting a critical infrastructure asset and its ambitious capex plans,” stated Apollo Partner Jamshid Ehsani. “This marks Apollo’s unwavering commitment to supporting MIAL. We are eager to foster sustainability and support India’s growth story.”

With Apollo’s continued support and the Adani Group’s capabilities, MIAL is well-positioned to realize its vision of transforming into a world-class asset with a focus on efficiency, comfort and sustainability.”

Matt Michelini, Partner and Head of Asia-Pacific at Apollo, added, “India is an attractive market for hybrid and credit financing, particularly opportunities underpinning critical, next-generation infrastructure. It is a key market for Apollo in Asia, and one where we believe we can serve as a long-term capital partner to leading companies.”

CSMIA, a linchpin of India’s aviation infrastructure, is part of Adani Airport Holdings Limited’s (AAHL) network of eight airports. AAHL is responsible for developing airport infrastructure assets across India and is a core growth vertical of the Adani group.

MIAL is steadfast in its commitment to environmental stewardship. The airport is actively implementing initiatives aligned with the UN Sustainable Development Goals, including transitioning to electric vehicles, optimizing energy-efficient operations, bolstering water conservation measures, and accelerating efforts to achieve net-zero emissions by 2029, showcasing its dedication to sustainable airport operations.

Legal counsel for MIAL was provided by Allen & Overy LLP and Cyril Amarchand Mangaldass. Milbank LLP and Khaitan & Co served as legal counsel to Apollo.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth.

About MIAL
Mumbai International Airport Ltd. (MIAL) is managed by Adani Airport Holdings Limited, a subsidiary of Adani Enterprises. MIAL operates under a Public-Private Partnership model, with AAHL holding a 74% stake and the Airports Authority of India holding 26%. MIAL is at the forefront of redefining airport infrastructure in India, with a vision to create a vibrant, integrated aerotropolis in Mumbai.