Shares of VA Tech Wabag Ltd shot up 13% on Monday, 10 February, after the corporate introduced securing a big order price $371 million in Riyadh.
In its regulatory submitting, the corporate stated that they’d acquired an order price $371 million (Rs 3,251 crore) for engineering, procurement and development of a 200 MLD Impartial Sewage Therapy Plant together with connections to outfall supply amenities from Al Haer Environmental Providers Firm.
This ISTP is being developed by a consortium led by Miahona Firm, together with Marafiq and N.V. Besix S.A., for its off-taker, the Saudi Water Partnership Firm (SWPC). In a press release, VA Tech Wabag highlighted that SWPC serves as the first off-taker for water and wastewater initiatives throughout Saudi Arabia.
The venture aligns with Saudi Arabia’s ‘Imaginative and prescient 2030’, which focuses on guaranteeing dependable sewage remedy providers and enhancing the standard of life for residents within the Kingdom.
Sivakumar V, regional head of gross sales and advertising and marketing at VA Tech Wabag, stated, “We’re extraordinarily glad to safe this 200 MLD Impartial Sewage Therapy Plant order from our present shopper. We categorical our gratitude to Miahona Firm, Marafiq, Besix Group and SWPC for his or her belief and confidence in WABAG. This state-of-the-art expertise order is a testomony to our technologically superiority and dedication to delivering high-quality options worldwide. This order marks one other vital milestone for us in Saudi Arabia and reinforces our management place within the Center East Area.”
The EPC consortium for this venture contains VA Tech Wabag and Mutlaq Al-Ghowairi Contracting Firm (MGC). VA Tech Wabag will function the expertise accomplice and lead the EPC consortium, overseeing the design and development of the 200 MLD Impartial Sewage Therapy Plant. In the meantime, MGC will probably be answerable for laying transmission pipelines and constructing reservoirs.
Earlier this yr, VA Tech Wabag secured an Engineering and Procurement (EP) order for a 20 MLD Industrial Wastewater Therapy Plant (IWWTP) on the Ras Tanura Refinery Advanced in Saudi Arabia, with Miahona Firm serving because the venture developer.
At 3:30 pm, the shares of VA Tech Wabag closed 1.34% increased at Rs 1,385 on NSE.
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