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Temasek, Alpha Wave eye $1.3bn bet on Adani Airports at $18bn valuation
Our read
An $18bn valuation on Adani Airports validates city-side retail as the margin engine across 8 hubs covering 23% of India's flyers — benchmark your concession economics and dwell-time conversion against this scale.
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The report,
Temasek and Alpha Wave-led consortium in talks to invest $1.3 billion in Adani Airport Holdings at ~$18 billion valuation, funding airport city-side retail projects across eight Indian airports handling 23% of passenger traffic, pending US DOJ ruling.
Reported figures
From the report. Source details below
- Rs 40,000 crore FY27 capex
- Rs 17,000 crore airports capex
Other figures
- FY26 revenue +34.4%
- PAT Rs 1,731 crore
Why it matters to operators
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.