Adani Ports and Special Economic Zone Ltd. has incorporated a joint venture with Israel's Gadot Chemical Terminals Ltd., named Mediterranean International Ports ADGD Ltd.
The JV will execute the acquisition of Haifa Port Co., which operates the Haifa Port in Israel.
"Mediterranean is incorporated in Israel and registered with Registrar of Companies, Israel at Jerusalem on Nov. 13, 2022," the company said, in an exchange filing.
The ports controller arm of the Adani Group holds 70% stake in the JV, while the remaining 30% will be with the Gadot Group.
The company has acquired 70,000 ordinary shares worth 0.01 Israeli New Shekel (Rs 0.24) apiece.
No approvals are required for the incorporation of Mediterranean, Adani Ports said.
For the acquisition of Haifa Ports Co., the approval of Competition Authority has been obtained, while approvals of ministers of finance and transportation are in process, it said.
Adani Ports and Gadot Group had won the tender to privatise the Haifa Port in July this year, where it secured the rights to buy 100% shares of Haifa Port Co. The Haifa Port is under concession till 2054.
The Haifa port, which is among the two biggest commercial ports in Israel, handles nearly half of the country's container cargo and is also the nation's principal port for passenger traffic and cruise ships.
Located in the north of Israel, it is close to the eponymous city which is one of the major industrial areas of the country.
The port features two container terminals and two multi-cargo terminals. The total developed quay length measures more than 2,900 metres. The maximum draft available ranges from 11 metres to 16.5 metres.
It has a roll-on roll-off, a cruise terminal with various passenger facilities, and a waterfront length of 2 km for development. During 2021, HPC handled 1.46 million twenty equipment units of containers, 2.56 million tonnes of general and bulk cargo.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
RECOMMENDED FOR YOU
'Buy' Adani Ports Says Motilal Oswal, Sees 32% Upside, Here's Why
Nov 12, 2024
Adani-JKH Terminal At Sri Lanka's Colombo Port Expected To Be Operational From Q1CY25
Nov 10, 2024
Brokerages Bullish On Adani Ports As Company Looks Set To Capitalise On India’s Trade Growth
Oct 30, 2024
Adani Enterprises Forms Joint Venture 'Smartport City' With Indoport Logistics
Oct 23, 2024
POPULAR