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 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. TEXMACO's 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."
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