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Adani Ports and SEZ Limited, the Indian private port operator that acquired Israel’s Haifa port earlier this year, has moved to allay investor concerns amid the recent Hamas attack and escalating conflict in Israel. In a statement issued on Monday, the company assured stakeholders that its business operations remain secure, emphasizing the geographical distinction between the ongoing conflict and the Haifa port’s location.
“We are closely monitoring the action on the ground which is concentrated in South Israel, whereas Haifa port is situated in the North,” stated Adani Ports, led by billionaire industrialist Gautam Adani.
Despite this reassurance, Adani Ports and Economic Zone shares experienced a decline of up to 4.7 percent on Monday, reflecting investor apprehensions regarding the potential escalation of the Israel conflict. On the Nifty 50 index, the company’s stocks were trading at ₹792, down by 4.6 percent as of 3pm.
The company further confirmed that it is prioritizing the safety of its employees and ensuring that all staff members are secure. “We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” the statement read.
Highlighting the limited impact of Haifa port on Adani Ports’ overall cargo volume, the company stated that it accounts for only 3 percent of their operations.
Haifa port, a critical trade and tourism hub on the Mediterranean, handles approximately 99 percent of Israel’s maritime goods, making it a significant strategic asset.
The recent attack by the terrorist group Hamas in Israeli towns marked one of the deadliest incursions in decades, intensifying concerns about geopolitical risks. This incident has triggered a substantial surge in oil prices, exceeding 5 percent, and led to a decline in US equity futures during Asian trading. The possibility of the conflict spreading across the Middle East region continues to pose a significant risk.
Adani Group chairman Gautam Adani had previously expressed intentions to make further investments in Israel, with aspirations to “transform the entire port landscape.” Israel viewed the deal as a significant show of trust by entrusting its strategic assets to Indian companies.
As the situation in Israel unfolds, the focus remains on Adani Ports and SEZ Limited’s commitment to ensuring the safety and stability of its operations at the Haifa port amidst the ongoing turmoil.
Sources By Agencies
