Adani Ports and Special Economic Zone has diversified into the warehousing business segment through its subsidiary, Adani Logistics. For this purpose, the company owned by Gautam Adani – one of the richest men in the world, has struck a partnership with DA-Group and its affiliates and set up a joint venture company for that purpose.
According to a statement issued by Adani Ports that was shared with stock exchanges, the joint venture comprises a 50:50 ownership of the two partners. It will build and manage logistics and warehousing parks in Ahmedabad and Kolkata.
The joint venture board will comprise two directors from the DA Group, while Adani Logistics will have three directors.
The Adani group and its Israeli partner Gadot recently made news when they were announced as the tender winners to privatize Israel’s Haifa Port.
Israel’s ambassador to India, Naor Gilon, described the decision by an Indian company to win the bid to privatize Israel’s strategic asset, Haifa Port, as a “wonderful, wonderful signal” and noted that the two nations have excellent relations.
The Port of Haifa, Israel’s second-largest port, was awarded to a consortium led by Adani Ports and Special Economic Zone (APSEZ) and Israel’s Gadot Group in July after fierce competition from regional and international competitors.
The Adani-Gadot consortium has obtained the right to acquire all of the shares of Haifa Port Company through its successful bid. The Port of Haifa is still under concession until 2054.