Adani Airport Holdings (AAHL), the country’s second largest airport operator (by passengers serviced) will be the first of the several subsidiaries to get demerged from parent Adani Enterprises, a senior official said on Tuesday.

Speaking to shareholders at the 33rd annual general meeting of Adani Enterprises, its CFO, Jugeshinder Singh said, “The asset that could be ready for a potential demerger under our risk and governance guidelines, most likely would be airports.”

With seven airports under operation, including international airports at Mumbai, Ahmedabad and Lucknow and an eighth under construction which is at Navi Mumbai, AAHL is just behind GMR Airports, the country’s largest airport operator.

“From our own assessment, we think that this would be ready (for demerger) by 2027-28. However, these decisions are left to the boards of the respective companies and of the management at that point in time,” Singh added.

The Adani Group had earlier spoken about raising capital for AAHL through an initial public offering. AAHL, which holds controlling equity in unlisted companies that manage and run its airports, is a 100% subsidiary of Adani Enterprises.

“(The airports business) is also one of the assets that takes up a lot of our capital investments,” Singh added.

On Tuesday, AAHL said it secured $1 billion financing through a project finance structure for the Mumbai International Airport (MIAL). 

The transaction involves issuance of $750 million notes maturing in July 2029 which shall be used for refinancing. The financing structure also includes provision to raise an additional $250 million. 

“This framework will provide enhanced financial flexibility for the capital expenditure programme of MIAL for development, modernisation, and capacity enhancement,” AAHL said in a release.

The transaction was led by Apollo-managed funds, with participation from a syndicate of leading institutional investors and insurance companies, which included BlackRock-managed funds, Standard Chartered among others.

AAHL served 94 million passengers in FY25, a growth of 7% compared to FY24. 

It aims to nearly triple its passenger handling capacity to 300 million per annum by 2040 from 110 million currently through a phased development plan.

During FY25, AAHL saw a 27% jump in revenues to Rs 10,224 crore while earnings before interest, tax, depreciation and amortisation rose 43% to Rs 3,480 crore, as compared to FY24. 

Its income before tax was a loss of Rs 5 crore, a reduction of 93% compared to FY24.