India's Adani Ports and Israel's Gadot won a tender for the privatisation of the port of Haifa, one of Israel's largest seaports, Israel's Finance Ministry said on Thurdsay, promising the deal will lower costs to consumers.
The group will buy the Mediterranean port for a sum of 4.1 billion shekels ($1.18 billion), the Ministry said.
Israel in recent years has been selling its government-owned ports and allowing new, private piers to be built in an effort to shorten wait times for cargo ships and lower the costs of imports.
"The privatisation of the port of Haifa will increase competition at the ports and lower the cost of living," said Finance Minister Avigdor Lieberman.
Adani and Gadot were one of three groups to reach the final stage in the government tender.
