Adani Ports incorporates JV with Gadot Chemical Terminals to buy Israel's Haifa Port

15 Nov 2022 , 09:19 AM

Adani Ports & Special Economic Zone Ltd has informed that the Company has incorporated a Joint Venture Company with Gadot Chemical Terminals (1985) Ltd. in Israel namely “Mediterranean International Ports A.D.G.D Ltd” on November 13, 2022.

As per the regulatory filing, Mediterranean has been incorporated as a Joint Venture Company (“JVC”) with Gadot Chemical Terminals (1985) Ltd. for acquisition of Haifa Port Company (“HPC”), which currently operates Haifa Port in Israel.

Further, for acquisition of HPC, following approvals inter-alia are obtained/are in process in Israel, as per the extant regulations:

• Approval of Competition Authority – Obtained
• Approval of Ministers (Minister of Finance and Minister of Transportation) — In process

At around 9:19 AM, Adani Ports & Special Economic Zone Ltd is currently trading at Rs899.40 per share up by Rs3.95 or 0.44% from its previous closing of Rs895.45 per share on the BSE.

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