The brand new JV, dubbed Mediterranean Worldwide Ports, has been established for the acquisition of Haifa Port Firm (HPC).
At present, HPC is the operator of Haifa Port in Israel.
In July, APSEZ and Gadot received a bid to take over the Port of Haifa with a concession interval of as much as 2054.
Following a suggestion of round $1.18bn, the partnership secured the rights to accumulate 100% fairness in HPC.
Adani will personal a 70% stake within the port, whereas the remaining 30% curiosity might be held by Gadot.
Situated within the north of Israel, Haifa Port is about 90km away from the town of Tel Aviv.
The port presently has two container terminals, in addition to two multi-cargo terminals.
Haifa Port has a quay size of greater than 2,900m and options most draft ranges from 11m to 16.5m.
Moreover, the port contains provision for roll-on roll-off (RoRo) vessels, a cruise terminal with a number of passenger amenities, and a waterfront size of 2km for improvement.
Final month, APSEZ acquired approvals from NCLT Ahmedabad and NCLT Hyderabad to accumulate the remaining stake in Gangavaram Port Restricted (GPL) in India for $751m (Rs62bn).