new delhi/mumbai, Oct. 9 -- The Adani Group is in talks with State Bank of India (SBI), HDFC Bank, Singapore's Temasek Holdings and Japan's Mitsubishi UFJ Financial Group and Mizuho Financial Group to raise Rs.30,000 crore for the second terminal of its Navi Mumbai International Airport (NMIA), two people aware of the development said. Prime Minister Narendra Modi inaugurated NMIA's first terminal on Wednesday, with the second terminal expected to welcome flyers four years from now. The fundraising effort by Adani Airport Holdings Ltd (AAHL), a unit of the Ahmedabad-based conglomerate, comes even as the group's brand-new airport is yet to see its first commercial flight. AAHL will raise mainly debt, with some equity infusion by the promoters, the people cited above said on the condition of anonymity. About Rs.10,000 crore ($1.2 billion) is expected to be locked in within the next six months and the remainder in the next 12-18 months. "It's debt, and mostly a mix of Indian and Japanese banks, that we are looking at, apart from equity infusion by promoters. Details are being finalized depending on how the revenue streams come into play post-operationalization of Navi Mumbai airport," the person said. The Adani Group, SBI, HDFC Bank, MUFG and Mizuho did not respond to requests for comment. Temasek declined to comment. The Adani Group plans to list AAHL, a subsidiary of group flagship Adani Enterprises Ltd, in two to three years. It operates eight airports in India, including the one in Navi Mumbai. The conglomerate hopes to acquire 3-4 additional airports in the next round of privatisation by the Indian government, said a third executive aware of the group's plans. Terminal 1 was built at a cost of Rs.19,464 crore-mostly financed by debt-and can handle 20 million passengers per annum. Terminal 2 is estimated to cost Rs.30,000 crore and will be able to handle 30 million passengers per annum. It will be spread over an area of 400,000 sq. m compared with the 234,000 sq. m Terminal 1. The second terminal is expected to be operational by 2029. Once all four terminals and two parallel runways are completed, the airport will be able to handle 90 million passengers. The Indian government is expected to privatise about 11 state-run airports in the next one year through public-private partnerships, according to media reports. SBI was part of the consortium of banks that previously lent to AAHL. The person cited earlier said the Adanis are mostly tapping "the same set of banks again," without identifying them. In July 2025, AAHL was said to be in advanced talks to secure a $150 million bilateral offshore loan from MUFG. The Japanese bank has previously provided loans to other Adani units. Mizuho Financial Group has reportedly financed Adani units involved in ports and airports. In March 2022, when the financial closure of the first terminal of the Navi Mumbai airport project was announced, Adani Enterprises, the holding company of the group's airports business, said it had closed Rs.12,770 crore ($1.7 billion) with SBI underwriting the entire amount. Apart from SBI, discussions are under way with HDFC Bank. The private sector bank has recently been roped in as one of the lenders at a group level, the second person added.....