India's Adani Group buys Israeli port
India's Adani Group has finally completed the purchase of the Israeli port of Haifa.
According to Israel's Ministry of Finance, the association led by India's Adani Group has completed the purchase of Haifa Port in Israel for $1.15 billion.
It took Israel five years to sell Haifa port.
Israel is selling off state-owned ports and building new private docks to lower domestic import prices and reduce long wait times at Israeli ports, foreign news agencies report.
99% of goods imported and exported to Israel are transported by sea and Israel needs to upgrade its ports to maintain its economic growth.
Israel announced in July last year that it would sell Haifa Port to the winning bidder which is the Adani Ports Group and Chemical Logistics Group Gedet.
It ought to be noticed that Gautam Adani, the owner of Adani Group, is an Indian billionaire and is one of the richest people in the world.
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