Adani Ports, Gadot have won the bid to buy Israel’s Haifa Port. Know details
Adani Ports and chemicals and logistics group Gadot have won the bid to buy Israel’s Haifa Port. Deal size is nearly to be $1.18 billion. Adani Ports will have a 70 percent stake in JV while the remaining stake will be held by Gadot.
“Delighted to win the tender for the privatization of the Port of Haifa in Israel with our partner Gadot. Immense strategic and historical significance for both nations! Proud to be in Haifa, where Indians led, in 1918, one of the greatest cavalry charges in military history!,” tweeted chairman and founder of Adani Group, Gautam Adani.
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In a release, Adani Group said: “A consortium of Adani Ports and Special Economic Zone Ltd (APSEZ) and Israel’s Gadot Group has won the tender to privatise the Port of Haifa, the second largest port in Israel, amidst stiff competition from local and global players. Through the winning bid, the Adani-Gadot consortium has secured the rights to buy 100 per cent shares of Haifa Port Company Ltd. The concession period of the Port of Haifa remains up to 2054.”
“Needless to say, we are delighted to win the privatisation tender of the Port of Haifa and this is one of the many steps we are taking to transform APSEZ into a global transport utility that will include logistics and warehousing,” said Karan Adani, Wholetime Director & CEO, APSEZ.
“This win is strategic for us from several dimensions. It gives us a much larger presence in Israel, one of India’s most strategic partners, with whom the Adani Group has been working for six long years to build a network of relationships across several industries. In the short term, we look forward to developing strategic trade lanes between our ports in India and Haifa and help facilitate trade between the two countries, diversifying the port cargo as well as leveraging our expertise to increase the operational efficiencies. Our portion of the investment is being funded through internal accruals and we are proud to work with Gadot as a reliable partner we have known for several years. In the long run, this is a tremendous port as we anticipate Israel becoming a connection both for Europe and the Middle East, and therefore we stand to benefit from the new possible trade lanes that will get created,” Karan Adani further said,
Back in January 2020, the Israeli government had voted to move forward with privatising Haifa port, with the hope that its new owner would invest some $292 million in upgrading it.
Adani Ports and Special Economic Zones, the flagship transportation arm of the diversified Adani Group, is India’s largest private ports and logistics company. It is present across 11 domestic ports in six maritime states, Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha.
