Adani Group acquires Haifa Port, one of Israel’s most important ports. According to estimates, the deal value is $1.15 billion. The port was acquired by a consortium led by the Adani Group. With the successful completion of the acquisition process, the port will expand its operations in collaboration with Israel’s Godot Group. This collaboration will benefit the Adani Group as a regional trade hub.
Adani Group has a 70 percent stake in Haifa Port. Adani will get the management of the port till 2054. About 99 percent of Israel’s freight traffic is by sea. Hence, Adani Group is able to earn better profits from this sector.
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Israel made announcements related to port sales in July 2022. The move is part of a plan to hand over ports to the private sector and build new ones to speed up cargo movement and reduce costs.