In a major step towards realisation of what Adani Ports’ chief executive Karan Adani had said in May about the company seeking to become the premier global port group, It has won the bid for privatisation of Israel’s Haifa port for $1.18 billion. Haifa is a major trade hub on israel’s Mediterranean coast.
The deal in partnership with Gadot who will have 30% stake in the venture with Adani Ports having the remaining 70%, will let them operate the port until 2054. Chemical and logistics group Gadot is Adani’s local business partner.
At the end of two years long “complicated process ” as described by chairman Eshel Armoni, the Haifa Port bid was won for 4.1 billion shekels ($1.18 billion). The winning bid was higher than expected, he said.
The privatisation of Haifa Port will lower import prices and help shorten notoriously long wait times at Israeli harbors, Israel contends. The new owners will compete with a private port operated by Shanghai International Port Group (SIPG) opened last year.
Gautam Adani’s firm Adani Ports on 14 July won the tender for privatisation of Israel’s Haifa Port along with it . T
Informing about the latest update, Gautam Adani took to twitter and shared his delight.