Holding company Israel Corporation owns stakes in specialty chemicals, shipping, and technology firms. It has grown by buying into state-owned companies as the Israeli government privatizes them; about half of its holdings are manufacturing concerns. The company owns slightly more than half of fertilizer maker Israel Chemicals, about 40% of wafer manufacturer Tower Semiconductor, and almost all of Zim Integrated Shipping, one of the world's largest shipping and transportation companies. Israel Corporation also wholly owns Latin American power company Inkia Energy and IC Green Energy, which invests in renewable energy, such as solar power and biofuels, in Israel.
Israel Corporation's transportation holdings include about 45% of China-based automobile manufacturer Chery Quantum Auto and approximately a third of Better Place, which makes rechargeable power sources for electric vehicles.
In 2006 the corporation sold its 26% stake in Oil Refineries Ltd. to the Israeli government for some $144 million. In 2007 the company did an about-face and reacquired that stake plus about 10% more. Israel Corporation now owns around 45% of the company.
The Israeli government founded The Israel Corporation in 1968 to raise funds for state-owned businesses from Jewish investors worldwide. Israel-based investment firm Millennium Investments Elad owns more than 45% of the company, while Bank Leumi le-Israel owns nearly 20%. – less