WABAG receives a Letter of Award for a 300 MLD Mega Sea Water Desalination Plant in the Kingdom of Saudi Arabia, worth about USD 272 Million

VA TECH WABAG ('WABAG'), a leading pure-play water technology Indian multinational group, has been awarded a 300 Million Litres per Day (MLD) Sea Water Reverse Osmosis ('SWRO') Mega Desalination Plant at Yanbu, in the Kingdom of Saudi Arabia valued at approximately USD 272 million (SAR 1,019 million / INR 2,332 crore) by the Saudi Water Authority ('SWA'). This Project encompasses the scope of design, engineering, supply, construction, and commissioning of a 300 MLD Mega Desalination Plant, to be developed on a greenfield site located along the west coast of the Kingdom of Saudi Arabia. We have received the Letter of Award, and the contracting formalities will commence now. Post signing of the contract, the effective date for commencement of execution will be announced.

Commenting on this success, Mr. Rohan Mittal, Head of Strategy and Business Growth for GCC said, "We are immensely proud to have emerged successful in this prestigious project not just once, but twice. This repeat success underscores the strength of our technical competence, competitiveness and our deep-rooted capabilities in executing large and complex desalination projects. This prestigious project, aligns with and contributes to the ambitious goals of Saudi Vision 2030 and reinforces WABAG's global leadership in the desalination sector."

Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 1622.10 as compared to the previous close of Rs. 1639.40. The total number of shares traded during the day was 30628 in over 2002 trades.

The stock hit an intraday high of Rs. 1652.95 and intraday low of 1610.45. The net turnover during the day was Rs. 49860635.00.

Source : Equity Bulls

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