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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, news agency Press Trust of India reported this on its website.

Haifa port developments happened within days after Adani business empire was rocked by allegations of fraud by US short seller Hindenburg Research, appeared alongside Israeli Prime Minister Benjamin Netanyahu for signing of the deal to takeover Haifa Port, and spoke of investment opportunities.

The Israeli 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.

Benjamin Netanyahu said that he discussed with his “good friend” Indian counterpart Narendra Modi this vision of “having connectivity between our countries in many ways, transportation lines and air routes and sea routes…and it’s happening today.”

He added saying what is happening today (in Israel) has historic importance because what “we see there is a tremendous boost for peace.” Netanyahu said the region will become an entry point and an exit point to a vast number of goods that reach the Mediterranean and Europe directly without having to go around the Arabian peninsula without having to go through three choke points.

On his part, Adani said his group will also develop real estate at the port to transform the Haifa skyline.

In the last six years, Adani group has struck many critical partnerships with companies such as Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority.

Adani Ports & Special Economic Zone Ltd in partnership with local chemicals and logistics group Gadot in July last year won an Israel government’s tender to buy the Haifa Port, a major trade hub on Israel’s Mediterranean coast, for about USD 1.2 billion.

Adani said India-Israel friendship dates back to September 23, 1918, when soldiers from the Indian cities of Mysore, Hyderabad and Jodhpur battled here for the freedom of Haifa.