Israel’s finance ministry announced on Late Thursday that the organisation, led by Asia’s richest man Gautam Adani, and its partner Gadot Chemical Tankers and Terminal Ltd., will purchase all the 100% Equity stock in Haifa Port. According to the ministry, the privatisation was a component of a larger reform of the regional ports aimed at boosting competition and boosting effectiveness.
Adani Ports shares outperformed the benchmark S&P BSE Sensex, which rose as much as 0.6 percent, by advancing as much as 2.1 percent during trading in Mumbai on Friday.
According to a Reuters report, Adani Ports would hold a 70% majority ownership in the joint venture while Gadot will hold the remaining 20%.
The most recent victory highlights the ports-to-power conglomerate owned by Adani’s rapidly expanding worldwide footprint after it purchased the Indian cement operations of Holcim Ltd. for $10.5 billion in May of this year.
First-generation businessman Adani has been actively expanding his empire beyond the coal industry, where he made his money, into industries such as data centres, airports, digital services, media, and health care.