new delhi/mumbai, Oct. 9 -- The Adani Group's brand-new airport in Navi Mumbai is not even operational but the conglomerate is already going about raising funds for its second terminal, which is expected to start functioning four years from now. The group plans to raise Rs.30,000 crore to build the second terminal and has initiated discussions with Indian and Japanese banks as well as the Singapore government's investment company Temasek. Prime Minister Narendra Modi inaugurated the first terminal of Navi Mumbai International Airport on Wednesday. Adani Airport Holdings Ltd (AAHL), a unit of the Ahmedabad-based conglomerate, will raise mainly debt, with some equity infusion by the promoters, said two people aware of the funding plan. 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. Apart from Indian banks led by the State Bank of India, the group is in talks with at least two Japanese financiers-Mitsubishi UFJ Financial Group (MUFG) and Mizuho Financial Group, one person said. "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 finalised depending on how the revenue streams come into play post-operationalisation of Navi Mumbai airport," the person said. Terminal 1 of Navi Mumbai Airport was built at a cost of Rs.19,464 crore-mostly 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 square metres 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 Adani Group plans to list AAHL, a subsidiary of group flagship Adani Enterprises Ltd, in 2-3 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 privatization by the Indian government, said a third executive aware of the group's plans. The Indian government is expected to privatize 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. HDFC has recently been roped in as one of the bankers at a group level, the second person said....