Adani Ports-Gadot consortium concludes acquisition of Haifa Port

Adani Ports and Special Economic Zone said that the company's consortium with Israel's Gadot Chemical Tankers has completed the acquisition of HPC from the Government of Israel.

On 15 July 2022, the company had announced that the consortium of Adani Ports and Gadot Group (with 70:30 shareholding) had won the competitive bid for the privatization of Haifa Port Company (HPC) at an offer price of 4.1 billion Israeli new shekel, equivalent to $1.18 billion. The concession period of the port is up to 2054.

Haifa Port is reportedly the largest of Israel's three major international seaports. Adani Ports and Gadot will reportedly buy 100% of the Haifa Port company's shares. Privatization of Haifa Port company is part of overall reform of the ports to increase competition and improve efficiency, the reports added.

Gautam Adani, Adani Group Chairman, in a tweet had said: Delighted to win the tender for privatization of the Port of Haifa in Israel with our partner Gadot. Immense strategic and historical significance for both nations! Proud to be in Haifa, where Indians led, in 1918, one of the greatest cavalry charges in military history!

Adani Ports & Special Economic Zone (APSEZ) is in the business of development, operations and maintenance of port infrastructure (port services and related infrastructure development) and has linked multi product Special Economic Zone (SEZ) and related infrastructure contiguous to port at Mundra.

The company's consolidated net profit surged 65.5% to Rs 1,737.81 crore on 32.8% jump in revenue from operations to Rs 5,210.80 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.14% to currently trade at Rs 797.45 on the BSE.

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