Adani Ports jumps after winning an Israel port for $1.2 billion
The company, helmed by Asia’s richest man Gautam Adani, and its partner Gadot Chemical Tankers and Terminal Ltd. will buy 100% equity in Haifa Port, Israel’s finance ministry said late on Thursday.
Adani Ports & Special Economic Zone Ltd.’s shares rose on Friday after a joint venture led by the Indian port operator won an Israel government’s tender to buy the Haifa Port for 4.1 billion shekel ($1.2 billion).
The company, helmed by Asia’s richest man Gautam Adani, and its partner Gadot Chemical Tankers and Terminal Ltd. will buy 100% equity in Haifa Port, Israel’s finance ministry said late on Thursday.
The privatization was part of an overall reform of the local ports to increase competition and improve efficiency, the ministry said.
Shares of Adani Ports advanced as much as 2.1% during trading in Mumbai on Friday, outpacing the benchmark S&P BSE Sensex which was up as much as 0.6%.
Adani Ports will have a majority stake of 70% in the joint venture with Gadot holding the rest, according to a report by Reuters.
The latest win marks the rapidly growing global footprint of Adani’s ports-to-power conglomerate after it acquired Holcim Ltd.’s Indian cement units for $10.5 billion in May this year.
Adani, a first-generation entrepreneur, has been aggressively diversifying his empire beyond coal ,where he built his fortunes, and into sectors including data centers, airports, digital services, media and health care.
Adani Port’s latest addition will compete with a new port in Haifa, which is operated by Shanghai International Port (Group) Co. and was inaugurated in September.