In a joint venture with the logistics and chemical company Gadot, Adani Ports has won the contract for the privatization of an Israeli port, according to Adani Group Chairman Gautam Adani on Thursday. According to sources, Adani Ports and Gadot submitted the winning proposal for 4.1 billion shekels ($1.18 billion).
In an effort to reduce import costs and cargo ship wait times, Israel has begun selling its government-owned ports in recent years and enabling the construction of new, private piers.
The Port of Haifa is the largest of Israel’s three major international seaports.
Israel believes that the selection of Gadot and Adani at the conclusion of a two-year tender process would help to reduce import costs and the infamously high wait times at Israeli ports.
According to a company spokesperson, Adani would own a controlling ownership of 70%, with Gadot owning the remaining 30%.
According to Karan Adani, the chief executive of the firm, Adani Ports, which claims to be the largest transport utility in India, is aiming growth and aspires to become the world’s leading port group.
News From: CRUCIAL NEWS GLOBAL
Image Credits: gcaptain
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