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 $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 $1.2 billion.