Adani takes over Haifa Port for $1.15 bn, promises to invest more in Israel

Dwells on host of key partnerships in Jewish nation, such as Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority; vows to change Haifa skyline with latest deal

Even as investment bankers back home were busy selling the Rs 20,000 crore follow-on public offer of Adani Enterprises on Tuesday, Gautam Adani, Chairman of the Adani group, took over Haifa Port in Israel in the presence of Israel Prime Minister, Benjamin Netanyahu.

Addressing a gathering of top politicians and Indian officials at the handover ceremony, Adani said the group has struck many critical partnerships in Israel that include Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority. "We have initiated several dozen technology relationships wherein we have offered the entire Adani portfolio of companies to be a giant sandbox for us to learn together. We are also in the process of setting up an artificial intelligence lab in Tel Aviv which will work in close collaboration with our new AI labs in India and the US," Adani said. In July last year, the group announced the acquisition of Haifa Port with a local partner, Gadot, for $1.15 billion.

"We also anticipate establishing collaborative relationships with local colleges like the University of Haifa to be able to capitalise on the deep technology expertise available in this city," the chairman said adding that the group now has the most "'momentous partnership"' of all – the Haifa Port--along with its local partner, Gadot.

Promising to transform the entire port landscape. Adani said the group's intention is to make the right set of investments that will not just make the Adani-Gadot partnership proud but will make the whole of Israel proud. "The acquisition of the Haifa port also comes with a significant amount of real estate. And I promise you that in the years to come we will transform the skyline we see around us. The Haifa of tomorrow will look very different from the Haifa that you see today. With your support, we will deliver on this commitment and do our part to transform this city," Adani said.