The Adani Group has completed the acquisition of a port in Israel, giving it a foothold in the Mediterranean, which has been the focus of Indian diplomacy.
Recently, External Affairs Minister S. Jaishankar visited neighbouring Cyprus and signed MoUs on defence and security cooperation.
The Haifa Port is Israel's main port for passenger traffic and cruise ships, handling roughly half of the country's container freight.
APSEZ and Gadot Group created a coalition with a 70% and 30% stake, respectively. The consortium made a bid of USD 1.18 billion.
The legalities were concluded today, according to the Israel Ministry of Finance, but it is believed that the previous administration gave its consent a few weeks before. The Haifa Port is still under concession until 2054.
One of Israel's two largest commercial ports, the Port of Haifa, is operated by Haifa Port Company Ltd (HPC), which was up for bid by the Adanis and their Israeli partner. The port, which manages almost half of Israel's container freight, also serves as the nation's main port for cruise ships and passenger traffic.
APSEZ and Gadot Group created a consortium with respective ownership stakes of 70% and 30%. The consortium made an offer that was worth USD 1.18 billion.
Adani Ports and Special Economic Zone Ltd (APSEZ) will increase its presence in the lucrative Mediterranean area and the European port industry with the acquisition of the Port of Haifa.
The third-largest city in Israel, Haifa, is near the Port of Haifa, which is about 90 km north of Tel Aviv. Also, it is a significant industrial hub for Israel. Real estate is also available at Haifa Port for the construction of commercial buildings, lodging facilities, tourist attractions, and other leisure pursuits.
Two multi-cargo terminals and two container terminals are part of the Haifa Port's current infrastructure.
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