It's on us. Share your news here.

Adani Group Wins Control Of Israel’s Haifa Port For Rs 9422 Crore ($1.18 billion)

Posted on July 18, 2022

A joint venture between Gautam Adani-led Adani Group and Israel’s Gadot Group has won the bid to privatise the Port of Haifa in Israel for $ 1.18 billion (Rs 9,422 crore).

Adani Ports and Special Economic Zone (APSEZ) and Gadot Group hold 70 per cent and 30 per cent stakes in the consortium that will operate the Haifa Port.

Significance of the Port of Haifa

The Port of Haifa is located towards the north of Israel. It is close to the city of Haifa, the third largest city in Israel.

The port, which handles nearly half of Israel’s container cargo, is also the country’s principal port for passenger traffic and cruise ships.

“Delighted to win the tender for 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!,” Adani Group chairman Gautam Adani wrote on Twitter.

With the acquisition of the Port of Haifa, APSEZ said the company will expand its footprint into the European port sector, which includes the lucrative Mediterranean region.

What this means to Adani group

APSEZ CEO and Whole-time Director Karan Adani said this is one of the many steps the company is taking to transform APSEZ into a global transport utility that will include logistics and warehousing.

He said this win gives APSEZ a much larger presence in Israel, one of India’s most strategic partners, with whom the Adani Group has been working for six years to build a network of relationships across several industries.

CEO of Gadot, Opher Linchevski said,”Our partnership with Adani blends the best of two worlds – our expertise in handling cargo in Haifa Port and Adani’s world-class capability in managing port operations.”

Adani’s port empire

According to its website, APSEZ operates ten ports in India including Mundra, Tuna, Hazira and Dahej in Gujarat, Ennore and Kattupalli in Tamil Nadu and Dhamra in Odisha.

It is also India’s largest private port operator and an end-to-end logistics provider.

It's on us. Share your news here.
Submit Your News Today

Join Our
Click to Subscribe