Indian tycoon Gautam Adani's ports-to-energy conglomerate will set up an artificial intelligence lab in Tel Aviv as it looks to leverage on a USD 1.2 billion Haifa port deal to make more investments in Israel.
Adani, whose 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 in Israel, and spoke of investment opportunities.
He did not make any mention of the row that has already wiped out over USD 70 billion in value from his group stocks.
Adani, 60, said his group will also develop real estate at the port to transform the Haifa skyline.
"We have initiated several dozen technology relationships wherein we have offered the entire Adani portfolio of companies to be a giant sandbox for us to learn together," he said in his speech. "We are also in the process of setting up an Artificial Intelligence lab in Tel Aviv which will work in close collaboration with our new AI labs in India and US."
In 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 Isreal's Mediterranean coast, for about USD 1.2 billion.
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"The acquisition of the Haifa port also comes with a significant amount of real estate. And I promise you that in the years to come we will transform the skyline we see around us," Adani, the founder and chairman of the group, said.
"The Haifa of tomorrow - will look very different from the Haifa that you see today. With your support - we will deliver on this commitment and do our part to transform this city."
He expressed confidence in transforming the entire port landscape. "We realize that there will be competition from others, but our confidence comes from our belief in the people of Israel and therefore our belief in the Israel Growth story."
"Our intention is to make the right set of investments that will not just make the Adani Gadot partnership proud but will make the whole of Israel proud," he said.
Stating that the Israeli spirit makes all the difference, he said his group also aims to establish collaborative relationships with local colleges like the University of Haifa to be able to capitalize on the deep technology expertise available in this city.
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.
"And earlier today, I had an opportunity to visit the cemetery where our soldiers were put to rest. It was a moving moment for me to reflect on the fact that the port we now share - is part of the same city - where soldiers from both our countries - fought side by side for the ultimate shared cause that we all call -- Freedom," he said.
He went on to state that Israel has always motivated him. "You have rewritten the rules of what a country with a population of less than ten million can achieve. You have rewritten the rules by proving what a country with very few natural resources can achieve. And you have rewritten the rules by showcasing what a country with self-belief can achieve."
The elasticity of Israel makes it the world's most resilient nation. "Your pace of innovation across multiple sectors amazes me. Your drive for innovation makes me wonder how we can learn from you. You have focused on sustainable growth far before the world was talking about sustainability," he said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)