Israel’s Finance Ministry has announced the successful full privatisation of Haifa Port.
A joint venture of Indian giant Adani Ports and Special Economic Zone Limited (APSEZ) and Israeli company Gadot Chemical Terminals completed the purchase for 4 billion shekels ($1.15 billion).
Previously state-owned, the port is located in Northern Israel and it is the largest of the country’s three major international seaports.
Adani Ports will have a 70 per cent stake and Gadot will hold the remaining 30 per cent.
The process of the sale of Haifa Port has spanned five years.
The privatisation is part of an initiative aimed at increasing competition, boosting services, supporting importers, and reducing the cost of living.
With this stake purchase, GPL will become a 100 per cent subsidiary of Adani.