Advertz’s Texmaco Rail & Engineering enters into MoU with Lesico Group. Becomes first Indian firm to participate in Tel Aviv’s mass-transit projects
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 exeprtise 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 & communication equipment, it added.
Adventz Group, is a USD 3-billion India-based conglomerate and comprises 26 companies. The Group serves across sectors including fertilisers and chemicals, engineering & infrastructure, emerging lifestyles, and financial & management services.
Adventz Group Chairman Saroj Kumar Poddar said: “We are delighted to sign this memorandum, which will enable India and Israel 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 initiative.”
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. The Tel-Aviv 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.”