The Adani Group purchased the significant Israeli Haifa port on January 31, 2023, for USD 1.2 billion and promised to change the appearance of this Mediterranean city as part of its intention to spend further in the Jewish state, including by establishing an AI research facility in Tel Aviv.
Gautam Adani, the chairman of the business conglomerate Adani Group, declared that he would keep making investments in Israel after purchasing one of the country’s main international seaports.
Why did Adani Group buy Israel’s Haifa Port?
Adani made the comments while introducing Adani Ports and Gadot, a local chemicals and logistics company that had just paid USD 1.2 billion for the port, at an event in Haifa. He also met Benjamin Netanyahu, the Israeli prime minister, during this time.
Prime Minister Netanyahu called the agreement between the Adani Group and the Haifa port an enormous milestone that will greatly enhance communication between the two nations in a variety of ways.
This is Israel‘s second-largest cargo port and its major port for receiving cruise ships carrying tourists. The Prime Minister claimed to have discussed this idea of connectivity between the countries in various ways, including transportation lines, air routes, and sea routes, with his close friend Narendra Modi. This connectivity is already present, according to the Prime Minister.
According to Netanyahu, the area will serve as both a point of entry and exit for a significant amount of commodities that will travel directly from the region to the Mediterranean and Europe, bypassing the Arabian Peninsula and its three choke points.
Adani’s Group, which includes 7 publicly listed companies with interests in gas, defence and aerospace, ports and logistics, airports, mining and resources, and energy, is run by Adani, a first-generation entrepreneur.
The Group of Adani, a pioneer in each of its business fields, has established a significant footprint in India. In the near future, it intends to enter the communications industry and has ambitious growth goals for both its green hydrogen and airports sectors.