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Gadot and India's Adani win Haifa Port tender

Haifa Port Credit: Shlomi Yosef
Haifa Port Credit: Shlomi Yosef
14 Jul, 2022 16:47
שלח תגובה במיילAsaf Zagrizak

The consortium will pay NIS 4 billion for the Israeli government's 100% stake in the port, well above the amount expected.

The consortium led by Gadot Chemical Terminals (1985) Ltd. (TASE: GDTR) and including Indian company Adani Ports and Special Economic Zone Ltd. has won the tender to buy the shares of government-owned Haifa Port Ltd. The consortium will buy the 100% holding for NIS 4.1 billion. This amount is higher than the NIS 3 billion that government ministries had expected from the winning bid.

Three consortia participated in the pricing procedure - the winning bid from Gadot and Adani, a consortium comprising DAO, Generation Capital and British company Lomar Shipping, and a consortium led by Israel Shipyards (TASE: ISHI). This morning a fourth consortium led by Shapir Engineering & Industry (TASE:SPEN) dropped out after bidding too low ahead of the pricing procedure.

Privatization of Haifa Port is part of the overall reform of Israel's ports and is designed to intensify competition between the ports and improve efficiency, smooth the path for imports and lower the cost of living. Haifa Port is the second Israeli port to be privatized after Eilat Port, which was sold to private owners in 2013.

Minister of Finance Avigdor Liberman said, "This is good news for Israel's citizens. Privatization of Haifa port will strengthen competition between the ports and bring down the cost of living. We will continue to lead a responsible policy of a free economy, which will boost the Israeli economy."

Published by Globes, Israel business news - en.globes.co.il - on July 14, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Haifa Port Credit: Shlomi Yosef
Haifa Port Credit: Shlomi Yosef
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