Adani Group plans $15 billion India airports expansion before an eventual IPO

The Adani Group, led by Gautam Adani, is preparing to invest about $15 billion over the next five years to expand its airport network and raise annual passenger capacity to 200 million. This large-scale push comes as the conglomerate gears up to list its airport business and seeks to capitalise on India’s rapid aviation growth. According to people familiar with the plan, the investment will fund new terminals, additional taxiways, and a runway at the Navi Mumbai International Airport, scheduled to open on 25 December, along with major capacity upgrades at airports in Ahmedabad, Jaipur, Thiruvananthapuram, Lucknow and Guwahati. Around 70% of the required funding is expected to be sourced through debt, with the remainder coming via equity.

The expansion aligns with forecasts that India’s annual air passenger traffic will more than double to 300 million by 2030. By scaling its infrastructure to handle nearly two-thirds of that volume, Adani strengthens its position ahead of the proposed IPO. The over 60% capacity boost excludes the 20 million capacity at Navi Mumbai and 11 million at Guwahati. The upgrades focus on airports acquired in the 2020 privatisation round. With the government planning to privatise 11 more airports and build a second Delhi airport, Adani and GMR Airports are expected to remain key contenders.