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Adventz Group’s Texmaco signs $2-bn MoU for Israel light rail.

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Adventz Group, the Indian global conglomerate, has signed a US$2-billion-plus memorandum of understanding with Israel’s Lesico group to collaborate in the light rail transit (LRT) projects in Tel Aviv and Jerusalem. The announcement came today in the backdrop of a top-level Indian political and business delegation led by Prime Minister Narendra Modi touring the nation currently. The historic visit – first time for any Indian PM – is being seen as a watermark in deepening economic and trade relationships between New Delhi and Tel Aviv.  

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. Texmacos role involves laying of tracks, installation of signaling, electrification, power sub-stations, and, command, control & communication equipment.

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 ramifications for the future. The MoU showcases Indian companies’ ability to not just serve the nation but also take their expertise elsewhere in the world. TEXMACO has been the flagbearer of Adventz Group’s innovative and transformative edge in India’s growth-and-development story. We thank Honourable Prime Minister Narendra Modi’s thrust in showcasing the ability of Indian companies on the global stage. The TEXMACO-Lesico memorandum epitomizes the efforts under the government’s Make in India initiative.”

As per 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 approximately US$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 2 Lac passengers per day.

Lesico Group Co-founder & Chairman Mr Jechiel Leshman, said, “We will continue to operate in accordance with our values and organizational 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 to be a catalyst in furthering business ties with India.”

 

Business | News published on 05 / 07 / 2017 by Rashmi Nargundkar

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