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Temasek and Alpha Wave Global in talks for $1.3 billion Adani Airports stake amid DOJ uncertainty
Business
Published on 15 May 2026
Deal hinges on US bribery fraud timeline and valuation fights
Global investors including Temasek and Alpha Wave Global are negotiating a $1.3 billion investment in Adani Group’s airports business, valuing Adani Airport Holdings at about $18 billion. The consortium is expected to include four investors, though two identities are unverified. Talks face hurdles: Adani’s management wants a steep premium and has rejected requests for structured, assured returns. Any equity fundraise may also depend on a forthcoming US DOJ decision on bribery and fraud allegations against Gautam Adani.
- Temasek and Alpha Wave Global are negotiating a $1.3 billion stake
- AAHL valuation is estimated at about $18 billion
- Consortium is expected to have four investors, with two unverified
- Valuation premium expectations, upwards of $20 billion, remain unresolved
- Investors reportedly sought assured-return structures, which AAHL declined
- Deal timing may follow a US DOJ ruling tied to Adani case developments
Read the full story at The Economic Times
This summarization was done by Beige for a story published on 
The Economic Times