Adani Ports Says Watching Israel-Paelstine Conflict Closely, Haifa Port Contribution Small

Adani Ports & Special Economic Zone addressed the ongoing Israel-Palestine conflict and its impact on the Haifa port in the northern region of the country. The company had acquired the port earlier this year for $1.2 billion (around ₹9,800 crore).

What Happened: Adani Ports confirmed that it was actively monitoring the situation on the ground, emphasising that the recent escalations are primarily concentrated in South Israel, while Haifa port remains situated in the North.

"At a time like this, our thoughts continue to be with the people of Israel,” the company said in a statement, referencing an ongoing escalation in the conflict between Israel and Palestine, which has seen the hurling of rockets and thousands of casualties so far.

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What’s At Stake: The company said it has taken immediate measures to ensure the safety of its employees, assuring that all of them are secure and accounted for. “We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” the company said in a press release.

Despite the ongoing conflict, Adani Ports highlighted that Haifa’s contribution to its overall cargo volume remains relatively small, constituting only 3% of the total cargo volume.

For the current financial year ending March 2024, Adani Ports has provided cargo volume guidance for Haifa in the range of 10 million-12 million metric tonnes (MMT), with a total cargo volume guidance for Adani Ports ranging between 370 million-390 million metric tonnes. In the initial six months of the fiscal year (April to September 2023), Adani Ports‘ total cargo volume reached roughly 203 million metric tonnes, with Haifa’s share accounting for around 6 million metric tonnes.

Adani Ports reiterated its confidence in the business performance of the organization, emphasizing its commitment to maintaining operational stability and ensuring the safety of its employees.

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Posted In: GovernmentNewsGlobaladani ports & sezHaifaisraelPalestine