Before leaving for his six-day trip to India, Netanyahu promised to "sign very many agreements". It will be formally renamed the Teen Murti Haifa Chowk, while Teen Murti Marg will be known as Teen Murti Haifa Marg.
In 2003, Israeli Prime Minister Ariel Sharon visited India during the government of the right-wing Bharatiya Janata Party (BJP), which has been vocal about establishing a closer ties with Israel.
In the evening of Wednesday Netanyahu would arrive in Mumbai and meet the local Jewish community.
"On this visit, I intend to strengthen bilateral relations even more", Netanyahu said in the statement ahead of his departure, addressing Modi as "a close friend of Israel and of mine".
"Your visit to India is historic and special". The two sides are expected to ink pacts to step up cooperation in the fields of energy, space technology, cyber security and production of films.More news: Man attacks Canadian schoolgirl with scissors to cut off her hijab
Netanyahu is leading a high-profile delegation comprising 130 businessmen from 102 Israeli companies drawn from areas like agriculture, water, cyber security, health care and security, on his trip.
The build up to Netanyahu's visit was soured this month when India called off a deal to buy 8,000 anti-tank guided missiles from Israel's state-owned defence contractor Rafael.
Israel will be investing United States dollars 68.6 million to boost cooperation with India in areas like tourism, technology, agriculture and innovation over a period of four years, a senior official here said ahead of Netanyahu's visit.
January 12 (ANI): India and Israel will be enhancing cooperation in various fields during the upcoming visit of Israel's Prime Minister Benjamin Netanyahu to India.
He emphasised that the strong connect between Prime Minister Netanyahu and his Indian counterpart Narendra Modi would help bilateral ties. The visiting dignitary, on Monday, will be given a ceremonial reception at the Rashtrapati Bhawan which will be followed by the wreath laying at the memorial of Mahatma Gandhi.
Carmon said 11-year Moshe Holtzberg will also accompany Netanyahu and participate in a function at the Chabad House in Mumbai.