Adani Ports and Chemicals and Logistics Group Gadot has won the bid to buy Israel’s Haifa Port. The deal size is around $1.18 billion. Adani Ports will hold 70 per cent stake in the joint venture while Gadot will hold the rest.
“Delighted to win the tender for the privatization of the port of Haifa in Israel with our partner Gadot. Highly strategic and of historical importance to both countries! Proud to be in Haifa, where the Indians led in 1918, the greatest cavalry in military history One of the charges of the army!,” tweeted Gautam Adani, chairman and founder of Adani Group.
In a release, Adani Group said: “A consortium of Adani Ports and Special Economic Zone Limited (APSEZ) and Israel’s Gadot Group has won the tender for the privatization of Haifa, Israel’s second largest port, amid local and stiff competition Global player. Through the winning bid, the Adani-Gadot consortium has secured the rights to purchase 100 percent of the shares of Haifa Port Co. Ltd. The concession period of the Port of Haifa remains until 2054.
“Needless to say, we are delighted to win the privatization tender of Haifa Port and this is one of the many steps being taken to transform APSEZ into a global transportation utility, which will include logistics and warehousing,” said Karan Adani Said, Whole Time Director and CEO, APSEZ.
“This win is strategic for us in many aspects. This gives us a large presence in Israel, one of India’s most strategic partners, with whom the Adani Group has been working for over six years to build a network of relationships across multiple industries. In the short term, we look forward to developing strategic trade lanes between our ports India and help leverage our expertise to facilitate trade between Haifa and the two countries, diversify port cargo as well as increase operational efficiencies. Our portion of the investment is being financed from internal sources and we are proud to work with Gadot as a trusted partner we have known for many years. In the long run, this is a tremendous port as we expect Israel to become a connection to both Europe and the Middle East, and so we stand to benefit from new potential trade lanes,” Karan Adani added,
Back in January 2020, the Israeli government voted to proceed with the privatization of the port of Haifa, with hopes that its new owner would invest some $292 million in upgrading it.
Adani Ports and Special Economic Zone, the flagship transportation arm of the diversified Adani Group, is India’s largest private port and logistics company. It is present in 11 domestic ports in six maritime states, Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu and Odisha.
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