India’s Adani Group has finalised a billion dollar purchase of Israel’s Haifa Port Corporation, having been announced as the lead member of the preferred bidding group, under the Government’s privatisation programme for the key port, last year. Adani has partnered with the Gadot Group, an Israeli chemicals and logistics company, in a winning bid reported to be worth US$ 1.15 billion, which Israel’s Ministry of Finance recently confirmed has been concluded.
The sale of Haifa port has taken five years and marks the culmination of a lengthy reform of Israel’s ports sector, which had been plagued for years by poor productivity and labour disputes.
China’s Shanghai International Port Group (SIPG) last year opened a new port close to the existing facilities in Haifa. The investments being made by SIPG and the Adani-led group promise to boost Haifa’s status as a regional hub, and competition between the two elements of the port should help boost efficiency quote considerably.