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March 4, 2024

Haifa Port Purchase Extended by Adani Headed Group

According to Adani’s local partner and the Israeli finance ministry, a consortium formed by the Adani Group, an Indian company, has asked for and been granted a delay from the Israeli government to finish buying the Haifa Port. India’s richest man, Gautam Adani, founded a collection of companies, which includes Adani Ports.

According to the finance ministry, the consortium requested the 1.5-month extension, which was granted because of Israeli public Jewish holidays. Nov. 27 was designated as the new deadline.

The winning bidders Adani Ports and the local chemicals and logistics company Gadot were informed in July that Israel would sell Haifa port, a significant trading hub on its Mediterranean coast, for 4.1 billion shekels ($1.20 billion).

Gadot stated that the extension was technical and that the organization had asked for and received it. The Adani Group did not immediately respond with a statement.

Following discussions with the management, the Fitch Group subsidiary CreditSights stated in a report dated Sept. 7 that it had found calculation errors in its most recent debt analysis on two power and transmission companies held by Gautam Adani.

Shares of various Adani companies fell after CreditSights published a report late last month labeling the company as “seriously overleveraged” and highlighting other dangers.

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