Israel completes sale of Port of Haifa for $1.15 billion

Israel completes sale of Port of Haifa for $1.15 billion

The Mediterranean state port, located in northern Israel, was sold to a group consisting of Indian giant Adani Ports and Special Economic Zone Limited (Adani Ports & SEZ) and Israeli company Gadot Chemical Terminals, who jointly won a government tender .

The deal was finalized after the Indian-Israeli group received all approvals from the Israeli government for the deal worth 3.97 billion shekels ($1.15 billion), the ministry said on Tuesday.

Adani Ports & SEZ, headquartered in Ahmedabad, is India’s largest commercial port operator, managing nearly a quarter of the country’s cargo traffic, Xinhua news agency reported.

The privatization of the port, one of Israel’s largest infrastructure and financial projects in the past decade, is part of a general government reform of seaports that aims to increase competition, improve services, help and reduce the cost of living.

disclaimer: This story was automatically put together by a computer program and was not created or edited by FreshersLIVE.Publisher : IANS Media

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