Infrastructure
Israel: PM Benjamin Netanyahu To Attend Ceremony To Mark Adani’s Acquisition Of Strategic Haifa Port
PM of Israel, Benjamin Netanyahu
Prime Minister Benjamin Netanyahu will attend a ceremony here on Tuesday to celebrate the successful entry of the Adani Group in Israel through its acquisition of the Haifa port, which is being seen as a ‘strategic purchase.’
Gautam Adani, the Founder and Chairman of the Adani Group, will also attend the ceremony at Haifa Port Temporary Cruise Terminal in this northern coastal city of Israel.
Israel's Finance Ministry announced on Tuesday (10 January) that a consortium led by India's Adani Group has completed the acquisition of northern Israel's Haifa Port for 4 billion shekels ($1.15 billion).
In July 2022, a proposed joint venture between India's Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Chemicals Tankers and Terminals Ltd won the bid for Haifa Port privatisation.
Haifa is Israel's second-largest port and serves as a major trade hub on the country's Mediterranean coast. The city is Israel's transportation and industrial centre and a key railway hub along the Mediterranean.
A nearly two-decade overhaul of a struggling industry beset for years by labour strikes has culminated in the sale of one of Israel's major seaports after a five-year process.
As per the terms set by the Israeli government, the joint venture (JV) will acquire a 100 per cent stake in Haifa Port Company. While the majority stake in the port, 70 per cent, will be held by APSEZ, Gadot will own the remaining 30 per cent.
Adani Group’s port acquisition in Israel would compete with Chinese investments as a new port in Haifa, across the bay, was opened by China's Shanghai International Port Group (SIPG) in 2021.
Once upgraded by the new developers, Haifa port needs to compete with Haifa New Port Terminal, an already functional automated container port constructed by SIPG.
(With inputs from PTI)
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