Adani Ports rises on wining privatization tender of Israel-based Haifa Port

15 Jul 2022 , 10:54 AM

As per reports, the company has won the tender to buy the Haifa port for 4.1 billion shekel ($1.2 billion). Adani will have a majority 70% stake and Gadot will hold the remaining 30%, media reports stated. Haifa Port is reportedly the largest of Israels three major international seaports. Adani Ports and Gadot will reportedly buy 100% of the Haifa Port companys 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 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. APSEZ reported a 21.8% fall in consolidated net profit to Rs 1033.02 crore in Q4 FY22 from Rs 1320.69 crore recorded in Q4 FY21. Net sales rose 6.6% YoY to Rs 3,845.03 crore for the quarter ended 31 March 2022. Powered by Capital Market – Live News