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    Adani Ports and Gadot to privatisate Israel's Haifa Port for $1.2 billion

    Adani Ports and Gadot to privatisate Israel's Haifa Port for $1.2 billion

    Adani Ports and Gadot to privatisate Israel's Haifa Port for $1.2 billion
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    By CNBC-TV18  IST (Updated)

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    Adani will have a majority 70 percent stake and Gadot will hold the remaining 30 percent.

    Adani Group Chairman Gautam Adani has said Adani Ports won the tender for the privatisation of Hafia Port, the second-largest port in Israel, in partnership with chemicals and logistics group Gadot. The winning bid was placed by the consortium of Adani Ports and Gadot for 4.1 billion shekels (around $1.18 billion).
    Adani Ports will have a majority 70 percent stake and Gadot will hold the remaining 30 percent. "With the acquisition, Adani Ports and Special Economic Zone will expand its footprint into the European port sector, which includes the lucrative Mediterranean region," the company said in a statement.
    Shares of the ports company were trading up 0.2 percent at Rs 726.95 on the BSE at 9:31 am.
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    Gadot and Adani made it to the end of a two-year tender process that Israel hopes will lower import prices and help shorten notoriously long wait times at Israeli harbours.
    Haifa Port said the new group would operate the port until 2054 and that the winning bid was "higher than expected."
    Back in January 2020, the Israeli government had voted to move forward with privatising Haifa port, with the hope that its new owner would invest some $292 million in upgrading it.
    Karan Adani, Wholetime Director and CEO, Adani Ports said the company's portion of the investment was being funded through internal accruals.
    Adani Ports and Special Economic Zones, the flagship transportation arm of the diversified Adani Group, is India's largest private ports and logistics company. It is present across 11 domestic ports in six maritime states, Gujarat, Goa, Kerala, Andhra Pradesh, Tamil Nadu, and Odisha.
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