Texmaco signs $2bn MoU for Israel light rail

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Kolkata, July 5 (IANS) While Prime Minister Narendra Modi is in Israel on a historic visit, Adventz Group company Texmaco Rail & Engineering Limited has signed a Memorandum of Understanding (MoU) with Israeli development and construction major Lesico Limited to collaborate on a $2 billion Light Rail Transit (LRT) project in Israel, the company said on Wednesday.

A business delegation of the Adventz Group company is currently in Israel while Prime Minister Modi is on a three-day ground-breaking visit to the West Asian nation.

“During the visit, the company has entered into a non-exclusive MoU with Lesico Limited, Israel, for active co-operation between the two organisations to identify potential scope of works and activities in respect of upcoming Tel Aviv and Jerusalem LRT projects on a business case basis,” the company said on Wednesday in a regulatory filing.

“The overall budget for the projects has been estimated at more than $2 billion,” it added.

The engineering major said its expertise has been sought by Lesico for track-related work for the Tel Aviv Red-Line and Jerusalem Green-Line LRT projects.

“The 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,” Adventz Group Chairman Saroj Poddar said.

The Tel Aviv Red-Line will be the first section of light rail system in the Tel Aviv metropolitan area and will run in the northeast part of the capital city with a significant portion underground.

The Kolkata-based company’s role involves laying of tracks, installation of signalling, electrification, power sub-stations and command, control and communication equipment.

“The partnership will prove to be a catalyst in furthering business ties with India,” said Lesico Co-founder and Chairman Jechiel Leshman.

–IANS

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