Adani Airport Holdings Ltd. is raising approximately $1 billion in new equity capital to support expansion across its airport network and grow adjacent businesses, including ground handling.

The investment comes from a consortium that includes Alpha Wave Global, Premji Invest, Temasek and funds managed by BlackRock. The transaction values Adani Airport Holdings at approximately $18 billion before the new investment.

The investors will subscribe to new shares in three tranches and collectively hold approximately 5.54% of the airport company when the transaction is complete. The final tranche is expected to close by July 2027.

Adani said the new capital will support the expansion and modernization of airport infrastructure across its portfolio, development of commercial projects around its airports and continued growth of passenger-facing and non-aeronautical businesses, including ground handling.

The investment is expected to help increase the company's airport capacity to approximately 200 million passengers annually.

Adani Airport Holdings operates eight airports in India, including Mumbai International Airport. The company accounts for approximately 25% of India's passenger traffic and 33% of its air cargo volumes, according to Reuters.

The company has expanded rapidly in India's aviation sector in recent years and is now the country's largest airport operator by number of airports.

Adani Enterprises will remain the controlling shareholder following the investment.