Adventz Group’s TEXMACO signs $2-bn MoU for Israel light rail
Ø Agreement with Lesico for track work in Tel Aviv and Jerusalem
Ø First Indian major to participate in Tel Aviv’s mass-transit projects
New Delhi, July 4, 2017: 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. 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.”
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.”
Founded in 1969, the Lesico-Leshman group is recognized as one of the leading privately owned companies in Israel’s development and construction sector. Lesico’s expertise lies in areas such as developing, planning, financing, building and maintaining projects in areas such as energy, environment, railways, maintenance of broad-flow pipeline systems and installations of high-purity pipes in the microelectronics, pharmaceuticals and food industries. A four-decade business veteran, Co-Founder and Chairman Jechiel Leshman is at the helm of the Lesico Group; CEO Eyal Leshman is a multi-disciplinarian of sophisticated engineering solutions in complex and largescale operations.
TEXMACO is a pioneer in India in setting up railway grids and systems in the domestic market as well as overseas. The Adventz Group company has played an inclusive part with the Indian Railways, the Metro rail systems and industrial units; it has also built railway bridges and flyovers. In other countries such as Australia, Sri Lanka and Bangladesh, among others, TEXMACO has long been associated in building railway bridges, and design, manufacture and supply of locomotive bogies, frames and platforms, wagons and wagon components.
About Adventz Group
Adventz Group, is a US$3-billion India-based conglomerate and comprising 26 companies. Adventz Group is led by Chairman Saroj Kumar Poddar. The Groupe serves across key sectors in India, including fertilizers and chemicals, engineering & infrastructure,emerging lifestyles, and financial & management services. Among the companies, Zuari Agro Chemicals, Paradeep Phosphates, Mangalore Chemical & Fertilizers, Texmaco Infrastructure & Holdings, Texmaco Rail and Engineering, Simon India, Zuari Infraworld, Hettich India, Zuari Investments and Zuari Management Services and are known for their role in nation building. As a socio-economic enabler, the Group’s corporate citizenship initiative is massed under the Adventz Foundation, nurturing and empowering communities in which Adventz companies operate.
