India’s Adani Group along with local logistics group Gadot have sealed the winning $1.18bn bid to privatise the Israeli port of Haifa.
“The privatisation of the port of Haifa will increase competition at the ports and lower the cost of living,” finance minister Avigdor Lieberman said.
Adani will have a majority 70% stake and Gadot will hold the remaining 30% in a concession that will last through to 2054.
Haifa is Israel’s largest port, handling around half of all the country’s freight. Shanghai International Port Group (SIPG) also operates a terminal at the port.