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

The MoU between Lesico with Adventz Group will be a first for an Indian conglomerate.

The Dollar Business Bureau

Indian conglomerate Adventz Group said on Tuesday that it has signed a $2 billion-plus MoU with the Israeli construction and development company Lesico Group to collaborate in the light rail transit (LRT) projects in Jerusalem and Tel Aviv.

The announcement came in the backdrop of a top-level Indian political and business delegation led by Prime Minister Narendra Modi visiting the Jewish nation currently. The historic visit – first time for any Indian Prime Minister – is being seen as a watermark in deepening economic and trade relationships between New Delhi and Tel Aviv.

“The memorandum of understanding (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 Rail & Engineering Ltd’s role includes laying of tracks, installing of signals, power sub-stations, electrification, and equipments for control, command, and communication, it added.

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

Commenting on the MoU, Saroj Kumar Poddar, Chairman, Adventz Group 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. The TEXMACO-Lesico memorandum epitomises the efforts under the government’s Make in India initiative,” he said.

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 $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.

Adventz is a $3 billion India-based group, which is a major producer of a comprehensive range of high-quality specialty fertilisers and agricultural inputs.

The group, consisting of 26 companies, serves across several sectors that includes chemicals, infrastructure and engineering, management and financial services, and emerging lifestyles.

Founded in 1969, Lesico Group is one of the leading privately-owned companies in Israeli construction and development sector. The Group carries out work through its several operational subsidiaries and divisions including electro-mechanical projects, railways, environment and operations & maintenance.

The Dollar Business Bureau - Jul 05, 2017 12:00 IST
 
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