In the backdrop of the ongoing visit of Prime Minister Narendra Modi to Israel, Saroj Poddar-led Adventz Group has signed a $2 billion-plus memorandum of understanding (MoU) with Israel’s Lesico group for collaboration in the light rail transit (LRT) projects in Tel Aviv and Jerusalem.
According to the MoU signed, Texmaco Rail & Engineering Limited, a part of Adventz Group, will lend its expertise in track-related works for the Tel-Aviv Red-Line and Jerusalem Green-Line LRT projects. The Tel-Aviv red line is the first section of Light rail system in Tel Aviv, Israel's second-largest city. The total cost of the red line is estimated at approximately $3 billion. Jerusalem’s 19.6 km Green line will have 36 stops and is expected to have 2 lakh passengers per day ridership.
“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,” Saroj Kumar Poddar, Adventz Group Chairman, said in the statement.
Texmaco as a part of $3-billion Adventz Group has participated in projects for setting up railway grids and systems in the domestic market as well as overseas, including Australia, Sri Lanka and Bangladesh, among other countries. The company has also been associated in building railway bridges, and design, manufacture and supply of locomotive bogies, frames and platforms, wagons and wagon components. Lesico-Leshman group is one of the leading privately owned companies in Israel’s development and construction sector.