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Highlights:

  • APO leads USD 750 million investment grade financing to refinance MIAL’s existing debt and fund expansion.
  • The company’s financing includes up to USD 250 million in additional capital for expansion and capacity investments.
  • APO supports MIAL’s sustainability goals, including EV transition and net-zero emissions by 2029. 

Apollo Global Management, Inc. (NYSE: APO) is a global alternative asset manager with USD 785 billion in AUM as of March 31, 2025, offering investment solutions across private equity, credit, and real assets. 

The company announced the completion of a USD 750 million investment grade rated financing for Mumbai International Airport Ltd. (MIAL), a key asset in the Adani Airports Holdings Limited (AAHL) portfolio. MIAL operates Chhatrapati Shivaji Maharaj International Airport (CSMIA), the second busiest airport in India. 

The funding, led by Apollo-managed funds, affiliates, and long-term investors, was structured as a 4-year senior secured note issuance. The proceeds will be used to refinance existing debt, giving MIAL increased financial flexibility to maintain operations, pursue modernization efforts, and implement sustainability projects. The deal also includes a provision for up to USD 250 million in incremental capital, earmarked for expansion-related capital expenditures and additional capacity investments. 

This transaction is one of the largest private investment grade rated infrastructure financings in India, signaling continued institutional investor interest in core transport and aviation assets in the region. It also marks Apollo’s second major financing arrangement with MIAL, following an earlier deal aimed at supporting the airport's operational flexibility and deleveraging. 

Apollo Partner Jamshid Ehsani commented that the transaction delivers a tailored capital structure aligned with the needs of a critical infrastructure asset. He noted that the solution builds on Apollo’s established relationship with the Adani Group and its ongoing commitment to structured investments in global infrastructure. 

Arun Bansal, CEO of AAHL, said the financing will enhance MIAL’s operational and financial positioning, enabling further improvements in airport services and long-term infrastructure development. He added that the new funding structure will support efforts to upgrade passenger experience and sustainability initiatives at CSMIA. 

Matt Michelini, Partner and Head of Asia-Pacific at Apollo, emphasized the firm’s view of India as a key growth market for structured credit and infrastructure capital solutions. He stated that Apollo is focused on building long-term relationships in the region and providing capital to enterprises with large-scale infrastructure operations. 

The Chhatrapati Shivaji Maharaj International Airport is a central part of AAHL’s airport portfolio, which includes eight airports across India. AAHL is a subsidiary of Adani Enterprises, responsible for developing and managing key aviation infrastructure across the country. 

The latest funding round also supports MIAL’s sustainability roadmap, which includes the transition to electric vehicle fleets, upgrades in energy-efficient systems, expanded water conservation initiatives, and a goal to achieve net-zero emissions by 2029. These efforts align with the UN Sustainable Development Goals and reflect MIAL’s commitment to environmentally conscious operations. 

Legal advisory for the transaction was provided by Allen & Overy LLP and Cyril Amarchand Mangaldas on behalf of MIAL, while Milbank LLP and Khaitan & Co represented Apollo and its affiliated investors.