Adani Airports Holdings Ltd has raised $1 billion from global investors to fund the expansion and modernisation of Mumbai’s Chhatrapati Shivaji Maharaj International Airport, marking India’s first investment-grade private bond issue in the airport infrastructure sector.

Mumbai International Airport—which operates India’s second-largest gateway—plans to invest $1.1 billion over the next five years to expand and modernize its infrastructure.

Adani Airports Holdings Ltd. (AAHL) has secured $1 billion in financing for Mumbai International Airport (MIAL) through a project finance structure. This includes issuing $750 million in notes for refinancing and a provision to raise an additional $250 million.