Indian conglomerate Adventz Group
has signed a $2-billion-plus memorandum of understanding (MoU) with Israel’s Lesico group to collaborate in the light rail
transit (LRT) projects in Tel Aviv and Jerusalem. The announcement came on Tuesday against the backdrop of Prime Minister Narendra Modi’s three-day visit of Israel.
The historic visit – the first by an Indian prime minister – is seen as a watermark in deepening economic and trade relationships between New Delhi and Tel Aviv.
between Lesico and Adventz Group, under which the latter’s group company Texmaco Rail & Engineering Ltd
will lend its exeprtise in building the Tel Aviv Metropolitan Area Mass-Transit System, will be a first for an Indian conglomerate.
Texmaco’s role will involve laying of tracks, installation of signalling, electrification, power sub-stations, and command, control & communication equipment.
Chairman Saroj Kumar Poddar said: “We are delighted to sign this memorandum, which will enable India
to deepen their cooperation on issues of common interest, improve opportunities and economic development. The Texmaco-Lesico partnership is a milestone and has widespread ramification for the future. The MoU
showcases Indian companies’ ability to not just serve the nation but also take their expertise elsewhere in the world. We thank PM Modi’s thrust on showcasing the ability of Indian companies
on the global stage. The MoU
epitomises the efforts under the government’s Make in India
According to the MoU, Texmaco’s expertise is being sought in track-related works for the Tel-Aviv
Red-Line and Jerusalem Green-Line LRT projects.
red line will be the first section of Light rail
system in the Tel Aviv metropolitan area and the line will run in the northeast part of the Capital city with a significant portion of it underground. The total cost of the red line is estimated at $3 billion. The 19.6-km Jerusalem Green line will link the two campuses of the Hebrew University and continue towards South of the Holy City. There would be 36 stops in the Green Line, and is predicted to be used by 200,000 passengers per day.
Lesico Group co-founder & chairman Jechiel Leshman said: “We will continue to operate in accordance with our values and organisational culture; we hope to play an exclusive role in growing ties between the two nations. The success of the Tel Aviv Metropolitan Area Mass-Transit System will lie in as much as it will touch every citizen’s daily life. The Texmaco-Lesico collaboration goes beyond our joint capabilities; we are building for our future. The partnership will prove a catalyst in furthering business ties with India.