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WABAG successfully completes first EXIM India funded project in Sri Lanka worth USD 78 Million

Posted On: 2019-10-23 17:02:12

VA TECH WABAG ('WABAG'), a leading pure-play water technology Indian Multinational Group, has successfully completed and handed over the Greater Dambulla Water Supply Project in Sri Lanka to the customer. The EPC contract for 77.8 USD Million, for National Water Supply & Drainage Board of Sri Lanka was built using conventional multi barrier system including Lamella Clarifiers, Disinfection and PAC dosing for algae removal.

WABAG executed the ambitious project at Sri Lanka comprising a comprehensive water supply scheme covering a 64 MLD water intake, 32 MLD WTP as well as 6 water reservoirs and more than 300 km of transmission and distribution pipelines. The turnkey project was realized under challenging conditions in an area comprising rocky & hilly terrain.

The water supply scheme will benefit over 270,000 people in six regions of Central Sri Lanka. WABAG is proud to have executed the first ever buyers' credit project funded by EXIM India in Sri Lanka. This project will strengthen WABAG's market presence in Sri Lanka. WABAG is also currently executing the second project in Polgahawela, Sri Lanka worth about 108 USD Million, funded by EXIM India under buyer's credit facility.

Commenting on this development, Mr. Pankaj Sachdeva - CEO, India Cluster said "WABAG Team has put in exceptional efforts to deliver on its commitment to realize this demanding project, which was highly appreciated by the client. It is a marquee project and an important reference for the entire WABAG Group. We thank our shareholders, customers, analysts, bankers, vendors, employees and all other stakeholders for their continued faith and support in achieving this significant milestone."

Shares of VA TECH WABAG LTD. was last trading in BSE at Rs.195.6 as compared to the previous close of Rs. 195.15. The total number of shares traded during the day was 19967 in over 987 trades.

The stock hit an intraday high of Rs. 203.5 and intraday low of 194. The net turnover during the day was Rs. 3965774.


Source: Equity Bulls

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