Indian port operator, Adani Ports & Special Economic Zone Ltd., won an Israel government’s tender to buy the Haifa Port for $1.2 billion.
Adani Ports, helmed by Asia’s richest man Gautam Adani, and its partner Gadot Chemical Tankers and Terminal Ltd. will buy 100% equity in Haifa Port, Israel’s Finance Ministry said, as it seeks to increase competition and improve efficiency. Adani Ports will have a 70% stake in the joint venture with Gadot holding the rest.
The port handles nearly half of Israel’s container cargo, and the companies have won the right to operate it until 2054, the filing said.
Adani Port’s latest addition will have to compete with a new port in Haifa, which is operated by Shanghai International Port (Group) Co. and was inaugurated in September.
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