Apollo Global Management has led a US$750 million private debt financing for Mumbai International Airport Ltd or MIAL.

The financing is being provided by Apollo-managed funds, affiliates, and other long-term investors.  

The four-year senior secured notes will be used primarily to refinance existing debt, enhancing MIAL’s financial flexibility to support operations, modernization, and sustainability initiatives. Milbank advised the lenders on the loan agreement, which was signed in late June.

The structure also allows for up to US$250 million in additional funding to accelerate capital expenditure and capacity expansion. The transaction represents one of the largest private investment-grade-rated deals in India’s infrastructure sector.

MIAL is an Adani portfolio company and subsidiary of Adani Airports Holdings Limited ( AAHL ), India’s largest private airport operator. It operates Chhatrapati Shivaji Maharaj International Airport ( CSMIA ), India’s second largest airport.

CSMIA, a cornerstone of India’s aviation infrastructure, is part of AAHL's network of eight airports. AAHL is responsible for developing airport infrastructure assets across India and is a core growth vertical of the Adani group.

“Working with the Adani Group, we are pleased to deliver a scaled, bespoke capital solution for MIAL, supporting a critical infrastructure asset and the next phase of its ambitious growth capex plans,” says Apollo partner Jamshid Ehsani. “This marks Apollo’s second large financing for MIAL, having previously provided operational flexibility to deleverage and now delivering an investment-grade-rated solution.”

“As one of the fastest growing global economies, India is an attractive market for hybrid and credit financing, particularly opportunities underpinning critical, next-generation infrastructure," adds Matt Michelini, partner and head of Asia-Pacific at Apollo. "It is a key market for Apollo in Asia, and one where we believe we can serve as a long-term capital partner to leading companies and families.”