India’s Mumbai International Airport Limited (MIAL), managed by Adani Airport Holdings (AAHL), has raised $750m in funding from Apollo-managed credit funds.

MIAL is the owner and operator of Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai.

It will use the majority of the proceeds from the seven-year $750m of senior secured private placement notes to refinance short term debt and provide new capital expenditure.

Apollo partner and emerging market debt global head Brigitte Posch said: “We are pleased to work with the Adani’s to provide a comprehensive, long-term capital solution for the Mumbai International Airport, a mission-critical infrastructure asset in India.”

Part of an airport network of eight airport assets under AAHL, CSMIA is said to be one of the world’s busiest single-runway airports, as well as the second-largest airport in India.

MIAL also has a 74% interest in Navi Mumbai International Airport Limited (NMIAL), which is a greenfield airport being built in Suburban Mumbai. It will serve as a ‘twin airport’ for travellers in the Mumbai Metropolitan Region.

For the achievement of UN Sustainability Development Goals, MIAL implemented a 100% single-use plastic-free philosophy and zero water discharge through a sustainable water management system in the airport.

MIAL CEO Prakash Tulsiani said: “Combined with the Adani Portfolio’s proven speed of execution, the proceeds of this issuance will allow us to accelerate MIAL’s transformation and provide immense value to our stakeholders in the post-pandemic period, and thereby improve the consumer experience.”

AAHL owns a 74% stake in MIAL. The remaining 26% interest is owned by the Airports Authority of India.