Israel approves Haifa Port sale to Adani Ports

Israel said on Thursday that it will pay 4.1 billion shekels ($1.18 billion) to the winning bidders Adani Ports (APSE.NS) of India and local chemicals and logistics business Gadot for Haifa Port, a significant commercial hub on the Mediterranean coast. According to a business official, Adani will have a 70% controlling ownership and Gadot the remaining 30%.

In order to preserve economic development, the government has been improving the maritime sector, which handles almost 98% of all commodities that enter and leave Israel. Haifa has been used as a port for millennia because it is encircled by the Carmel mountains to the east, which reduce winds and turbulent waters.

It now serves as Israel’s primary deep-water port and will handle over half of all freight in 2021. Karan Adani, the business’s chief executive, stated in May that the company, which claims to be the largest transport utility in India, is aiming for growth and wants to become the leading global port group.

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