Adani Ports & Special Economic Zone Ltd.’s shares rose on Friday after a joint venture led by the Indian port operator won an Israel government’s tender to buy the Haifa Port for 4.1 billion shekel ($1.2 billion).

The company, helmed by Asia’s richest man Gautam Adani, and its partner Gadot Chemical Tankers and Terminal Ltd. will buy 100% equity in Haifa Port, Israel’s Finance Ministry said late on Thursday as it seeks to increase competition and improve efficiency. Adani Ports will have a 70% stake in the joint venture with Gadot holding the rest, Reuters said in a report.