Temasek, Alpha Wave eye $1.3bn bet on Adani Airports at $18bn valuation
Consortium including Temasek, Alpha Wave Global and IHC in talks to inject $1.3bn into Adani Airport Holdings, funding city-side retail across 8 airports handling 23% of India's passenger traffic. Rs 17,000 cr earmarked for airports capex; FY26 revenue up 34.4%, PAT Rs 1,731 cr. Pending US DOJ clearance.
What happened
Adani Airport Holdings Limited · Temasek and Alpha Wave-led consortium in talks to invest $1.3 billion in Adani Airport Holdings at ~$18 billion valuation,
Key facts
- $1.3 billion investment
- $18 billion valuation
- 23% of India passenger traffic
- Rs 40,000 crore FY27 capex
- Rs 17,000 crore airports capex
- FY26 revenue +34.4%
- PAT Rs 1,731 crore
Why this matters
This deal sets a fresh comp for Indian travel retail platforms at ~10x revenue with 34.4% growth, opening a window to test partnership or minority stake conversations with airport concessionaires before the round closes.