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Thursday, February 9, 2023
Home Port News Adani Ports, Gadot to operate Israel's largest port through 2024

Adani Ports, Gadot to operate Israel’s largest port through 2024

Indian major port operator Adani Group and the Israeli logistics firm Gadot have won the tender for the sale of the Port of Haifa.

Adani Ports and Gadot won tender in a US$1.2 billion deal. The concession will last through 2024 with the Indian port operator securing a 70% stake and the Israeli logistics group holding the remaining 30%.

The Port of Haifa is the largest port in Israel, handling around 50% of all the country's cargo.

Avigdor Lieberman, Finance Minister of Israel, said, "The privatisation of the port of Haifa will increase competition at the ports and lower the cost of living."

Meanwhile, Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport utility, has clocked a cargo throughput of 100 MMT in the first 99 days of FY23.

"In 2021, we stated our ambition to emerge as the world’s largest private port company and India’s largest integrated transport utility by 2030," said Karan Adani, CEO of APSEZ.

He went on to comment, "When APSEZ’s operations spanned five ports, it took 14 years for the company to achieve 100 MMT of annual cargo throughput. In the following five years and with operations across nine ports, APSEZ doubled cargo throughput to 200 MMT. We then achieved the milestone of 300 MMT in just three years. We are now poised to grow our cargo volumes by 60% to 500 MMT by 2025 and emerge as the world’s largest port operator by 2030."

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