Amid rising tension in West Asia, Adani Enterprises Director Pranav Adani has assured that the group’s overseas assets are safe, reports ANI.
According to ANI, he told reporters on Wednesday during the Chintan Research Foundation’s foundation day event, “There are concerns, but luckily, all our assets abroad are safe. We shouldn’t worry about it.”
His statement comes at a time when global markets continue to remain edgy on the growing conflict in the region, with fears of an escalation between Israel and Iran.
Adani’s $1.2 billion Israeli port faces uncertainty
The conflict has raised concerns over Haifa Port in northern Israel, where India’s Adani Group holds a $1.2 billion stake. The port is a critical hub for Israel’s seaborne trade, handling around 20 million tonnes of cargo annually. It serves both commercial and military purposes, given its proximity to Israeli naval installations.
The Adani Group acquired the port in early 2023. However, the ongoing conflict in the region has cast uncertainty over its operations.
Adani Group companies under pressure
Shares of Adani Group companies have been in focus. The Adani Ports and Special Economic Zone share price has seen a significant decline since the conflict began on June 13. The stock has dropped by 3.59 per cent in past 5 sessions.
Israel attacked Iran early last Friday, June 13, targeting its nuclear, missile, and military infrastructure. Iran later launched retaliatory strikes on Israel. The two countries have continued trading strikes over the past week, as the Middle East braces for a protracted conflict.