India-based conglomerate Adventz Group on Tuesday said it 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 against the backdrop of a top-level Indian political and business delegation led by Prime Minister Narendra Modi visiting Israel.
"The MoU between Lesico with Adventz Group will be a first for an Indian conglomerate with Group company Texmaco Rail & Engineering Limited, which will lend its expertise in building the Tel Aviv Metropolitan Area Mass-Transit System," the company said in a statement.
"Texmaco's role involves laying of tracks, installation of signaling, electrification, power sub-stations, and, command, control and communication equipment."
--IANS
rv/vt
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