Azrieli Group subsidiary Granite Hacarmel Investments Ltd. (TASE: GRNT) has again increased its stake in the Palmachim desalination plant. After acquiring the 22.1% stake of Ocif Investments and Development Ltd. (TASE: OCIF) in December for NIS 52.5 million, Granite today announced that it was buying the 22.1% stake of Middle East Tube Ltd. (TASE:TUBE) for NIS 61.3 million.

This will bring Granite Hacarmel's stake in Via Maris, the consortium that owns the desalination plant to 72.1% through GES Global Environmental Solutions Ltd.. Kardan NV (TASE: KRNV;AEX:KARD) Tahal Group owns the remaining stake.

The Palmachim desalination plant produces 30 million cubic meters of water annually. The plant is being expanded to produce 45 million cubic meters, which will produce an annual revenue of NIS 100 million.

Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2010

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