A consortium led by India’s Adani Group, an infrastructure empire helmed by Asia’s richest man Gautam Adani, has completed the purchase of Haifa Port in northern Israel for 4 billion shekels ($1.15 billion), Israel’s Finance Ministry said on Tuesday.
Israel announced in July it would sell the port in Haifa, a major trade hub on its Mediterranean coast, to winning bidders Adani Ports and local chemicals and logistics group Gadot.
Adani’s company operates 13 sea terminals in India and controls 24 percent of India’s maritime commerce. He has no holdings in the West – so his entry into Israel is a signal for increased maritime traffic between Asia and Europe, and the major Asian players’ need for a hub in the Mediterranean.
When Adani won the tender for privatizing the port in July, he tweeted that he was delighted, and that the purchase holds “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!”