Haifa Port has two container terminals and two multi-cargo terminals. Credit: Nicole Klesy / Pixabay.

India-based Adani Ports and Special Economic Zone (APSEZ) and Gadot Chemical Terminals have formed a new joint venture (JV) company in Israel.

The new JV, dubbed Mediterranean International Ports, has been established for the acquisition of Haifa Port Company (HPC).

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Currently, HPC is the operator of Haifa Port in Israel.

In July, APSEZ and Gadot won a bid to take over the Port of Haifa with a concession period of up to 2054.

Following an offer of around $1.18bn, the partnership secured the rights to acquire 100% equity in HPC.

Adani will own a 70% stake in the port, while the remaining 30% interest will be held by Gadot.

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Located in the north of Israel, Haifa Port is about 90km away from the city of Tel Aviv.

The port currently has two container terminals, as well as two multi-cargo terminals.

Haifa Port has a quay length of more than 2,900m and features maximum draft ranges from 11m to 16.5m.

Furthermore, the port includes provision for roll-on roll-off (RoRo) vessels, a cruise terminal with several passenger facilities, and a waterfront length of 2km for development.

Last month, APSEZ received approvals from NCLT Ahmedabad and NCLT Hyderabad to acquire the remaining stake in Gangavaram Port Limited (GPL) in India for $751m (Rs62bn).