Adani taps SBI, Temasek, others for NMIA terminal

Airport entity in talks to raise ₹30,000 crore for Terminal-2 opening in 2029

- Abhishek Law & Nehal Chaliawala

The Adani Group is in talks with State Bank of India (SBI), HDFC Bank, Singapore's Temasek Holdings and Japan's Mitsubishi UFJ Financial Group and Mizuho Financial Group to raise ₹30,000 crore for the second terminal of its Navi Mumbai International Airport (NMIA), two people aware of the development said.

Prime Minister Narendra Modi inaugurated NMIA's first terminal on Wednesday, with the second terminal expected to welcome flyers four years from now. The fundraising effort by Adani Airport Holdings Ltd (AAHL), a unit of the Ahmedabad-based conglomerate, comes even as the group's brand-new airport is yet to see its first commercial flight.

AAHL will raise mainly debt, with some equity infusion by the promoters, the people cited above said on the condition of anonymity. 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.

"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 finalized depending on how the revenue streams come into play post-operationalization of Navi Mumbai airport," the person said.