Shares of VA Tech Wabag Ltd rose 5% to hit a day’s excessive of Rs 1,672.10 on twenty fourth July, after the corporate introduced it had acquired a letter of award price Rs 2,332 crore from Saudi Arabia for a 300 million litre per day (MLD) mega seawater desalination plant in Yanbu.
VA Tech Wabag acknowledged that the challenge entails designing, engineering, supplying, setting up, and commissioning a 300 MLD seawater desalination plant. This plant will likely be on Saudi Arabia’s west coast. Furthermore, the plant will likely be constructed on a greenfield web site.
The Saudi Water Authority issued the letter of award. Contracting formalities will start quickly, and the challenge’s execution will formally begin after the contract is signed. The challenge is predicted to be accomplished inside 30 months from the date specified.
“We’re proud to have gained this main challenge not as soon as, however twice,” mentioned Rohan Mittal, Head of Technique and Enterprise Development for GCC.
Notably, in December 2024, VA Tech Wabag’s earlier Rs 2,700 crore desalination challenge in Saudi Arabia was cancelled. The cancellation was attributable to inside administrative causes, as knowledgeable by the Saudi Water Authority.
At 12:28 PM, the shares of VA Tech Wabag had been buying and selling 0.39% increased at Rs 1,599.20 on NSE.
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