Latest news with #GautamAdani
Gulf Today
7 hours ago
- Business
- Gulf Today
Maersk halts stops in Israel's Haifa due to Iran-Israel conflict
Danish shipping giant Maersk announced on Friday that it was temporarily suspending vessel calls in Israel's Haifa port due to the country's conflict with Iran. Maersk said it made the decision after "careful analysis of threat risk reports in the context of the ongoing conflict between Israel and Iran, specifically regarding the potential risks of calling Israeli ports and the ensuing implications for the safety of our vessel crews". "At the moment we are not experiencing further disruptions to our scheduled operations in the region," it added in a statement. The conflict erupted a week ago when Israel launched air strikes on Iran, saying its arch foe was on the verge of developing a nuclear weapon. The Danish company said it had not experienced any further disruptions to its scheduled operations in the region. Haifa port, which was privatized in 2022, is owned 70% by India's Adani Ports while the remaining 30% is held by Israel's Gadot Group. Adani Ports is the ports operating arm of Adani Group, led by billionaire Gautam Adani. Including Haifa port, the company operates four ports outside Indian waters. A spokesperson for the Adani Group did not immediately respond to Reuters' email and text messages requesting comment. Israel has been hitting Iran from the air since last Friday in what it describes as an effort to prevent Tehran from developing nuclear weapons. Iran has denied plans to develop such weapons and has retaliated by launching counterstrikes on Israel. On Thursday, Iran's Revolutionary Guards said it had launched combined missile and drone attacks at military and industrial sites linked to Israel's defence industry in Haifa and Tel Aviv. Agencies
Middle East Eye
8 hours ago
- Business
- Middle East Eye
Maersk temporarily halts operations at Israel's Haifa port after Iran strikes
Danish shipping and logistics behemoth Maersk has temporarily halted operations at Israel's Haifa port, amid the country's escalating conflict with Iran. In a statement released on Friday, Maersk said it decided to suspend operations after 'careful analysis of threat risk reports in the context of the ongoing conflict between Israel and Iran, specifically regarding the potential risks of calling Israeli ports and the ensuing implications for the safety of our vessel crews'. Maersk said it was in close contact with customers "impacted by this decision and are working to provide alternative transport solutions to minimise disruption". The company said it was continuing to operate at Ashdod and that it had not experienced any other issues in its other operations in the region. Israel and Iran have been locked in conflict since Israel launched unprovoked air strikes against Iran on 13 June, in what is widely being seen as an attempt to derail an Iranian nuclear deal with the US and exercise regime change in Tehran. More than 639 people have been killed in Iran, with Israel hitting residential areas and hospitals, along with strikes on military sites. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters In Israel, the cities of Tel Aviv and Haifa have also incurred heavy damage following Iran's retaliatory missile strikes. Escalating tensions Mearsk has been under pressure from pro-Palestine activists to suspend all business ties with Israel, given its role in transporting weapons from the US to Israel for the war effort in Gaza. More than 55,000 Palestinians have been killed as a result of Israel's war on Gaza, which several countries, as well as many international rights groups and experts, now qualify as an act of genocide. Despite the efforts to push for Maersk to stop being involved in what critics call the "supply chain of death", the company has refused to halt operations with Israel. Maersk's decision to halt operations in Haifa came days after Bazan, Israel's largest oil refinery, stopped work in Haifa after it was hit by an Iranian-fired ballistic missile. Three workers were killed in the strike. Following escalating tensions, Maersk issued a statement on Monday, advising teams to work remotely as a precautionary measure. Haifa Port, Gautam Adani and Israel's plan for the Middle East Read More » However, Adani Ports and Special Economic Zone Ltd, which has a majority stake in Haifa Port, said operations were still moving smoothly despite the missile strike at the nearby oil refinery. Shrapnel from the missile strike was reportedly found at the port. Adani's purchase of the Haifa Port in 2023 is seen as integral to transforming it into a major international port, as part of the India-Middle East-Europe Economic Corridor (IMEC). IMEC aims to build a new trade passage from India to Europe, via the United Arab Emirates, Saudi Arabia, Jordan and Israel as a counter to China's Belt and Road Initiative. Haifa Port handles about 20 million tons of cargo annually, which makes it among the busiest ports in Israel. Adani Ports did not immediately reply to Middle East Eye's request for comment.
India.com
12 hours ago
- Business
- India.com
This family beats Mukesh Ambani' Reliance Industries and Gautam Adani's business, with Rs 1000000000000 it leads in…, it is…
A consortium led by Crisil Ratings Agency has released a list of the 50 largest business houses in India. The Tata Group has once again emerged as the leader in the race for India's largest business conglomerates. In the recently published One 360 Wealth Creators List , it listed the top 50 business houses in India. The Tata Group became the topper with a net worth of Rs 12.78 lakh crore. Interestingly, it has surpassed Mukesh Ambani's Reliance Industries Group and Gautam Adani's Adani Group. Tata VS Ambani VS Adani Tata Group: Rs 12,78,133 crore Headquarters: Mumbai | Leader: Noel Naval Tata Reliance Industries Group: Rs 11,70,710 crore Headquarters: Mumbai | Leader: Mukesh Ambani Adani Group: Rs 11,57,572 crore Headquarters: Ahmedabad | Leader: Gautam Adani The business models of Reliance Industries and Adani Group are different from the Tata Group. Both Mukesh Ambani and Gautam Adani have built their business with scale and speed. Whereas Tata Group is known for time-tested leadership. Tata has established a strong presence in diverse sectors worldwide like IT (TCS), automobiles (Tata Motors), steel, power, airlines, and telecom. Other Wealth Creators List Bharti Airtel Group: Rs 4.45 lakh crore Shapoorji Group: Rs 2.93 lakh crore Sajjan Jindal Group: Rs 2.50 lakh crore Avenue Supermarts (D-Mart): Rs 2.44 lakh crore Retail businessman Radhakishan Damani and tech veteran Shiv Nadar (HCL, Rs 2.40 lakh crore) are also in the top 10. How Is Tata Different From Ambani and Adani? Diverse Portfolio: Presence across sectors such as IT, steel, chemicals, retail, aviation, and defense. Ethical Business Legacy: A reputation for trustworthy business practices. Reputation Capital: The Tata name itself is a valuable brand. While Mukesh Ambani and Gautam Adani have grown rapidly, Tata Group's growth was steady and consistent. This shows Tata belives in long-term wealth creation rather than short-term gains.
Business Times
15 hours ago
- Business
- Business Times
Shipping firm Maersk temporarily pauses Haifa port calls
[COPENHAGEN] Container shipping company Maersk said on Friday (Jun 20) it had temporarily paused vessel calls at Israel's Haifa port, amid the country's escalating conflict with Iran. The Danish company said it had not experienced any further disruptions to its scheduled operations in the region. Haifa port, which was privatised in 2022, is owned 70 per cent by India's Adani Ports while the remaining 30 per cent is held by Israel's Gadot Group. Adani Ports is the ports operating arm of Adani Group, led by billionaire Gautam Adani. Including Haifa port, the company operates four ports outside Indian waters. A spokesperson for the Adani Group did not immediately respond to Reuters' email and text messages requesting comment. Israel has been hitting Iran from the air since last Friday in what it describes as an effort to prevent Tehran from developing nuclear weapons. Iran has denied plans to develop such weapons and has retaliated by launching counterstrikes on Israel. On Thursday, Iran's Revolutionary Guards said it had launched combined missile and drone attacks at military and industrial sites linked to Israel's defence industry in Haifa and Tel Aviv. REUTERS
Yahoo
a day ago
- Business
- Yahoo
Adani's Kutch Copper plant begins processing ores amid global shortage
The Adani Kutch Copper plant, a new smelter owned by Indian billionaire Gautam Adani, began operations this week, reported Bloomberg, citing sources. The plant in Gujarat began processing mined ores despite previous delays caused by a global shortage of feedstock. The move is part of a broader initiative to reduce India's dependence on imported copper. The facility, with an initial capacity of 500,000 tonnes per annum (tpa), was initially due to begin in 2024 but faced setbacks due to smelter expansions worldwide. Adani Enterprises launched the first phase in March last year, with ambitions to expand the capacity to one million tonnes (mt) by the end of fiscal year 2029. According to the report, raw materials are currently being fed into the plant, although it is anticipated that it could take up to 18 months to reach full operational capacity, significantly longer than the typical two-to-three-month ramp-up period. To function at full scale, the smelter would need approximately 1.6mt of concentrated copper ores. A spokesperson for Adani Enterprises confirmed that the Kutch Copper smelter is now operational and is working towards achieving peak capacity. The challenge of securing concentrates has been a global issue for smelters, exacerbated by the influx of new plants and the consequent decline in processing margins. The increase in smelting capacity is partly due to new integrated plants in mining operations in Indonesia and the Democratic Republic of Congo, which have reduced the availability of concentrates for other smelters, the report said. Furthermore, the rapid expansion of stand-alone smelters that procure their raw materials from the open market has also contributed to the shortage. This includes the Adani plant and several significant operations in China, such as the new 500,000tpa copper smelter launched by Tongling Nonferrous Metals earlier this year. "Adani's Kutch Copper plant begins processing ores amid global shortage" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
