Adani-led group gets extension to complete Haifa Port purchase | Whuff News

JERUSALEM, Sept 8 (Reuters) – A consortium led by India’s Adani Group has requested and received an extension from the Israeli government to complete the purchase of the port of Haifa, Adani’s local partner and Israel’s finance ministry said on Thursday.

The month-and-a-half extension came at the consortium’s request and because of a Jewish public holiday in Israel, the finance ministry said. It set a new deadline of Nov. 27.

Israel announced in July it would sell the port of Haifa, a major trading hub on its Mediterranean coast, to winning bidders Adani Ports and local chemicals and logistics group Gadot for 4.1 billion shekels ($1.20 billion). read again

Gadot confirmed the group had requested and received the extension, which she said was a technicality. There was no immediate comment from the Adani Group.

Adani Ports is part of a group founded by India’s richest man, Gautam Adani.

Fitch Group unit CreditSights said in a report dated September 7 that it had discovered miscalculations in its recent debt reports on two power and transmission companies controlled by Gautam Adani, after discussions with management. read again

A CreditSights report late last month that called the conglomerate “overleveraged” and flagged other risks sent shares of many Adani companies down. read again

Reporting by Ari Rabinovitch and Jonathan Saul, Editing by Dan Williams and David Evans

Our Standards: Thomson Reuters Trust Principles.

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