January 11 2023
A consortium led by India’s Adani Group has completed the purchase of the port of Haifa in northern Israel for 4 billion shekels ($1.15 billion), Reuters reported with reference to Israel’s Finance Ministry.
The sale of one of Israel’s main seaports took five years. The Israeli government has said it is selling its state-owned ports and building new private docks to lower costs and reduce waiting times for ships to unload.
About 99% of all goods enter and leave Israel by sea, and the modernization of ports is necessary to maintain economic growth, the authorities said. Israel announced in July that it would sell the port of Haifa, a major trading hub on the Mediterranean Sea, to winning bidders Adani Ports and local chemical and logistics group Gadot. China’s Shanghai International Ports Group (SIPG) opened a new port across the bay in Haifa last year. The presence of SIPG and Adani will boost Israel’s status as a regional trading hub, the agency said.
The largest multi-profile Indian port operator Adani Ports & Special Economic Zone Ltd (APSE.NS) is part of the Adani Group. The Adani Group owns and manages terminals in the ports of Mundra and Dahej (India) and Abbot Point (Australia), terminals are also being built in Hazira, Mormugao, Visakhapatnam and Kandla (India) and Dudgeon Point (Australia). Adani Group operates in the areas of mining and sales of coal and gas, logistics and energy.