Va Tech Wabag gained 2.45% to Rs 342.30 after the company secured an order worth about $100 million for reverse osmosis of Hassyan sea water in United Arab Emirates.
The scope of the order is to convert 120-million-gallon sea water everyday through reverse osmosis. The order was secured from Green EPC (a Utico FZC subsidiary) who is the prime EPC contractor for the project.Dubai Electricity and Water Authority (DEWA) selected Utico FZC as the preferred bidder to build the SWRO plant and operate it over a period of 35 years, under the independent water producer model, wherein DEWA will off-take 100% of water from this plant. The desalination plant is planned to be commissioned in phases by March 2024. The project is in the direction of Dubai's Clean Energy Strategy 2050 initiative to maximize use of green energy for production of desalinated water and aims at using solar power to supplement the power requirement of the plant during day time.
Commenting on this major order win, Deep Raj Saxena, CEO Middle East & Africa Cluster said, "This is a significant break-through for WABAG in the UAE enabling us to showcase our technical capabilities and innovative solutions to ensure timely completion of this prestigious, challenging and fast track Desalination project of national importance with team Utico & Green EPC. With our first order in UAE, we have further consolidated our presence in the middle east region in line with our long term vision.
VA Tech Wabag designs and builds water and sewage treatment plants. On a consolidated basis, the company reported a 57% jump in net profit to Rs 26.22 crore on a 12.4% increase in net sales to Rs 683.96 crore in Q2 FY22 over Q2 FY21.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
