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WABAG wins an order from Saudi Water Authority worth USD 317 Million



Posted On : 2024-09-06 12:29:12( TIMEZONE : IST )

WABAG wins an order from Saudi Water Authority worth USD 317 Million

VA TECH WABAG ('WABAG'), a leading pure-play water technology Indian Multinational Group, continues to strengthen its presence and cementing its leadership position in the Middle East region with this Mega order worth ~USD 317 Million (~SAR 1,190 Million / ~INR 2,700 Crores) from the Saudi Water Authority (the 'SWA'). WABAG's impressive track record and technologically superior proposal were critical in winning this prestigious order towards Engineering Procurement, Construction & Commissioning ('EPCC') of a 300 Million Litre per Day (MLD) Mega Sea Water Reverse Osmosis ('SWRO') Desalination Plant in Yanbu, Kingdom of Saudi Arabia ('KSA').

The SWA, formerly known as the Saline Water Conversion Corporation (the 'SWCC'), is responsible for regulating and monitoring water sector business and services to enhance water sustainability and achieve the objectives of Saudi Arabia's Vision 2030. The SWA is currently managing over 40 desalination plants producing over 11 Million cubic meters per day and over 139 ground and surface water purification stations producing over 4 Million cubic meters per day.

This EPCC contract includes the scope of design, engineering, supply, construction and commissioning of the 300 MLD Mega Desalination Plant which will be developed on a greenfield site located in the west coast of the KSA, south of the Red Sea-facing city Yanbu al-Bahr and is scheduled to be completed within a 30-month period. This Mega Desalination Plant will operate using Dual Media Filters followed by a two-pass Reverse Osmosis process and Re-mineralization to produce clean potable water, which will be further distributed by the SWA. This plant will be built with the state-of-the-art Desalination technologies, designed for superior energy efficiency and will produce stellar quality of water complying with the environmental regulations of the KSA.

WABAG is present in the KSA, building and operating water and waste-water treatment plants, for over 4 decades. Globally since 1995, WABAG has constructed over 60 desalination plants in 17 countries, for various municipalities and industries, thereby significantly contributing to the cause of water security.

Commenting on this order win, Mr. Rohan Mittal, Head - Strategy & Business Growth - GCC said, "We are extremely honoured and proud to secure this mega order from prestigious customer SWA, which will contribute to the ambitious Saudi Vision 2030. This mega order is a testament to our expertise and commitment to delivering high-quality, sustainable water solutions worldwide. This win reinforces our position in the desalination sector and we are confident that WABAG's Global Leadership in Desalination will grow further with this win."

Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 1290.45 as compared to the previous close of Rs. 1277.65. The total number of shares traded during the day was 24186 in over 1740 trades.

The stock hit an intraday high of Rs. 1300.75 and intraday low of 1276.85. The net turnover during the day was Rs. 31209707.00.

Source : Equity Bulls

Keywords

VATechWabag INE956G01038 MiddleEast OrderWin SaudiArabia EPCC DesalinationPlant Yanbu