Israel’s Haifa Port successfully acquired by the Adani-led group.

Israel’s Finance Ministry announced on Tuesday that a consortium led by the Adani Group of India has successfully finalised the acquisition of the northern Israeli port of Haifa for 4 billion shekels ($1.15 billion).

The sale of one of Israel’s major seaports, which has been in the works for five years, is the result of a nearly two-decade overhaul of a struggling industry that has endured years of labour unrest.

To decrease expenses and lower the above-average wait times for ships to unload, the nation has begun selling its state-owned ports and constructing new private terminals.

This news is written by Ms. Amrita Singh, Research Assistant, All India Legal Forum.