Amidst the controversial row cause due to the Hindenburg report, the Adani group acquires the strategic Haifa port from Israel for $1.2 Billion.
On Tuesday, the Adani Group acquired the strategic Haifa port from Israel for $1.2 Billion as part of decision in its entrance in the Jewish nation.
Israel Prime Minister Benjamin Netanyahu has described the Haifa port deal as a “major milestone”. He also added that it will significantly improve connectivity between the two countries in many ways.
The Adani Group has vowed to improve the skyline of the Israeli city. It is also planning to open an artificial intelligence lab in Tel Aviv.
Adani Group Chairman Gautam Adani and Benjamin Netanyahu appeared together for signing to takeover Haifa Port while also speaking of investment opportunities.
Gautam Adani’s humongous business empire was recently shook to its core after a report from the US short seller Hindenburg Report has alleged him of fraud.
In terms of shipping containers, the port of Haifa is the second largest in the country of Israel. Meanwhile it is the biggest in terms of shipping tourist cruise ships.
Netanyahu said, “I think this is an enormous milestone…Over 100 years ago, and during World World I, it was the brave Indian soldiers who helped liberate the city of Haifa. And today, it’s very robust Indian investors who are helping to liberate the port of Haifa.”
He also added that he discussed with his “good friend” Narendra Modi regarding his vision of “having connectivity between our countries in many ways, transportation lines and air routes and sea routes…and it’s happening today.”
“We see there is a tremendous boost for peace,” and because of that what is happening today has historic importance he said.
According to Netanyahu, the port of Haifa will become entry point and exit point to a vast number of goods that reach the Mediterrenean and Europe directly rather than having to go around the Arab peninsula.
He also said that such privatisation of ports wil strengthen Israel’s economy, lower th cost of living and create new opportunities for import nad export.
It will also strengthen the ties between India and Israel.
The deal also allow the Adani Group to develop real estate at the port to improve Haifa’s skyline.