Israel Corp: The investment is not part of its own $100 million investment in the electric car venture.
Ofer (Shipping Holdings) Ltd., owned by Sammy and Idan Ofer and Udi Angel, will invest $30 million in Shai Agassi's electric car venture, Project Better Place.
In August, Ofer Brothers subsidiary Israel Corp. (TASE: ILCO) decided to invest $100 million in the venture, as part of a $200 million initial investment by a group of investors, in exchange for 33.3% of the project. Israel Corp's management today notified the board that it had completed its due diligence of the project and formulated the investment documents. The board therefore approved the initial investment of up to $8 million.
Israel Corp. added that Ofer Shipping's investment in the electric car venture is not part of the company's investment in it, but part of the investment by the other investors. Israel Corp. noted that Ofer Shipping's investment was a vote of confidence in the venture, and that the company's reputation added value to the investment group.
Published by Globes [online], Israel business news - www.globes-online.com - on December 27, 2007
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