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.