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March 20, 2023

Adani Group: Adani Group’s long jump in port business, bought Haifa Port, one of Israel’s most popular ports

Adani Group: Adani Group's long jump in port business, bought Haifa Port, one of Israel's most popular ports

Adani Group: Adani Group has taken a giant leap in port business by making a big purchase in Israel. A consortium of the Adani Group has bought the Haifa Port in northern Israel. For this, the consortium led by the Adani group has signed a deal of 4 billion Israeli shekels (Israeli currency), which is worth $ 1.15 billion. Israel’s Finance Ministry has given this information.

The decision to privatize Haifa Port was taken in 2018

In the year 2018, the Government of Israel had decided to give this Haifa port in private hands. The government’s objective behind this was that it could get maximum revenue by privatizing the ports. Apart from this, the Israeli government also aims to achieve more efficiency in this area by taking the help of specialist companies or consultants for port business.

Israeli government’s big objective behind privatization of port business

It took about five years to complete this deal for Haifa Port, one of Israel’s main ports. This is a big step towards the completion of the economic reforms that have lasted for almost two decades in Israel and the government has high hopes from it. Apart from this, there are other objectives of the Israeli government, under which the ports under the government are being sold and private dockyards are being built there, so that the cost can be cut and the average waiting time for the ships and cargo to be unloaded. Period can be reduced.

Adani and Gadot won the auction for Haifa Port

In July last, the Israeli government had announced that it was going to sell Haifa Port. Adani Port and its local chemicals and logistics group Gadot were at the forefront of the race to buy it. In July 2022, Adani and Israel’s Gadot Chemicals Terminals won the auction to buy Haifa Port. According to a Reuters report, in September last, the Adani group had sought more time to buy Hafe Port. Apart from this, according to the report of Times of India, Adani and Gadat have formed a joint venture to facilitate the purchase of Haifa Port.

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