Adani Ports seal Israel's Haifa Port bid with Gadot for $1.18 billion
1 min read 14 Jul 2022, 10:01 PM ISTAs per the deal, Adani will have a majority 70 per cent stake and Gadot will hold the remaining per cent.
PremiumBillionaire Gautam Adani's firm Adani Ports on 14 July won the tender for privatisation of Israel's Haifa Port along with it business local partner chemical and logistics group Gadot. This is a major trade hub on the country's Mediterranean coast.
Informing about the latest update, Gautam Adani took to twitter and wrote, "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 (sic)."
According to the Reuters, the winning bid was placed for 4.1 billion shekels ($1.18 billion). Gadot and Adani made it to the end of a two-year tender process that Israel hopes will lower import prices and help shorten notoriously long wait times at Israeli harbors, the agency added.
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"The privatization of the port of Haifa will increase competition at the ports and lower the cost of living," said Finance Minister Avigdor Lieberman.
As per the deal, Adani will have a majority 70 per cent stake and Gadot will hold the remaining per cent. The new owners will compete with a private port that opened down the bay last year, which is operated by Shanghai International Port Group (SIPG) .
Earlier in May, the company’s chief executive Karan Adani had said that Adani Ports seeks to become the premier global port group.
Haifa Port said the new group will operate the port until 2054 and that the winning bid was "higher than expected."
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"After a complicated process, we were able to ensure Haifa Port's future and its ability to compete in the coming years," Reuters quoted Chairman Eshel Armoni as saying.
With inputs from Reuters.
