FCC

Adani Group forays into warehousing, announces JV with DA Group

2022-12-27

Adani Ports and Special Economic Zone has entered the warehousing business. It announced the signing of a joint venture agreement between its subsidiary, Adani Logistics, and DA Group and its affiliates.

According to a statement issued with stock exchanges, the joint venture is a 50:50 collaboration that will develop and operate logistics and warehousing parks in Ahmedabad and Kolkata.

Adani Logistics will name three directors to its board of directors, while DA Group will send two to the joint venture.

Earlier this year, the Adani group and its Israeli partner Gadot won the contest to privatise Israel's Haifa Port. In this sense, the awarding of a tender to privatise Haifa Port, a critical asset for Israel, to an Indian company is a "great, beautiful signal," according to Israel's Ambassador to India Naor Gilon, who also underlined that the two nations have excellent bilateral relations

Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Group won the tender to privatise the Port of Haifa, Israel's second largest port, in July, despite intense competition from local and foreign competitors.

Through the winning bid, the Adani-Gadot consortium has secured the rights to buy 100 per cent shares of Haifa Port Company. The concession period of the Port of Haifa remains up to 2054.