Indian company Adani Ports bought the Israeli port of Haifa
India's Adani Ports has announced that it has bought the port of Haifa, a major trading center on the Mediterranean, in partnership with an Israeli company, Gadot, for 1.18 billion.
Adani Group and Israel's Chemicals and Logistics Group Gadot will operate the Haifa port by 2054.
Adani Ports says it will help India's local ports connect with the Middle East and Europe.
Adani and Gadot have completed the privatization of Haifa port in two years and both have bid the most.
Israel hopes the sale of the port will reduce domestic import prices and help reduce long wait times at Israeli ports.
Adani Ports is India's largest port operator. Company officials say they are expanding their transportation business and that their company wants to become a major global port group.
Adani Ports will have a majority stake of 70% and Gadot will have the remaining 30%.
The new owners of Haifa Port will compete with a private port that started its business last year.
''It is run by the Shanghai International Port Group (SIPG).''
Better relations with neighboring Arab countries are also creating new trade opportunities for Israel, and Haifa could become a regional trading hub.