Gautam Adani Bought Israel’s Haifa Port For Rs 9422 Crore 

Asia’s richest man, Gautam Adani, wins control of Israel’s Haifa Port for Rs. 9422 Crores.

A remarkable meeting of the I2U2 group of countries, including India, Israel, the United Arab Emirates and the United States, took place last week. US President – Joe Biden, Israeli PM -Yair Lapid, UAE’s Ruler -Mohammed Bin Zayed and Indian PM Narendra Modi met virtually for diplomatic-strategic planning and to boost the entrepreneurial cooperation between the four countries. 

In this summit, the four leaders discussed the need for collective investment in health, infrastructure and food security. Considering this, Adani, the billionaire industrialist, won the bid to privatise the state-owned Haifa Port, along with Israeli Company Gadot Chemical Terminal. Adani’s win is a consequence of the USA’s pressure on China to not submit a bid and the Emirate’s last-minute withdrawal. Adani Ports bid a staggering $1.18 Billion for 55% more stakes than the second highest bid. 

Also read – Adani Group enters into the 5G spectrum

Delighted to win the tender for the privatisation of the Port of Haifa in Israel with our partner Gadot. Immense strategic and historical significance for both nations! Proud to be in Haifa, where Indians led, in 1918, one of the greatest cavalry charges in military history!” Gautam Adani, Chairman (Adani Group) Twitted.

Local groups contesting to buy the Haifa Port backed out when they heard the price that Adani Ports offered for the bid. “With such a gap, you understand that this is a completely different ball game. There’s no point facing off against a player who sees the asset as a strategic investment,” told a person close to one of the competing bidders. 

Adani Ports operates 13 seaports in India and controls around one-fourth of Indian trade over the sea. The company was lacking holdings in the West, so his entry into Israel’s port is an indication of more ocean traffic between Asia and Europe in future. 

Leave a Reply