Adani Group acquires Israeli port of Haifa for USD 1.2 billion amid fraud allegations

The Adani Group on Tuesday acquired the strategic Israeli port of Haifa for USD 1.2 billion and vowed to transform the skyline of this Mediterranean city as part of its decision to invest more in the Jewish nation, including opening an artificial intelligence lab in Tel Aviv.

Adani Group chairman Gautam Adani, whose business empire was rocked by allegations of fraud by US short-seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu for the signing of the deal to takeover Haifa Port and spoke of investment opportunities.

Prime Minister Netanyahu described the Haifa port deal with the Adani Group as an "enormous milestone", saying it will significantly improve connectivity between the two countries in many ways. The Port of Haifa is the second largest port in Israel in terms of shipping containers and the biggest in shipping tourist cruise ships.

"I think this is an enormous milestone...Over 100 years ago, and during World World I, it was the brave Indian soldiers who helped liberate the city of Haifa. And today, it's very robust Indian investors who are helping to liberate the port of Haifa," Netanyahu said.