Adani Airport Holdings Ltd has signed binding agreements to raise ₹9,825 crore, or about $1 billion, in primary equity from Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds. The transaction values the airport operator at approximately $18 billion before the investment, with the investors set to own about 5.54% after three tranches, the final one expected in July 2027, subject to customary conditions and approvals. The proceeds will finance airport modernization and expansion, Adani Airport City, including about 22 million square feet planned in its first phase, and passenger-facing businesses such as ground handling. AAHL expects the investments to support capacity for about 200 million passengers annually. The transaction follows Adani Enterprises' ₹15,000 crore qualified institutional placement in July 2026 and provides an external institutional valuation benchmark for the airport platform.