Key Points of VA Tech Wabag Secures New Order:
- Va Tech Wabag’s share price surged by almost 6% in early trade on March 31, 2023, due to a massive order secured by its joint venture.
- The company’s joint venture with Metito Overseas Limited has secured an order worth Rs. 4,400 crore from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) for the 400 MLD SWRO desalination project.
- The project is a DBO order that involves design, engineering, procurement, construction, installation, testing, and commissioning of the 400 MLD SWRO desalination plant and associated seawater intake systems.
- Va Tech Wabag has been awarded the responsibility of executing the project under the joint venture, which is expected to be completed within 42 months, followed by 20 years of Operation & Maintenance (O&M).
- The project aims to produce clean drinking water for distribution by CMWSSB to residents of South Chennai, and it will be the largest desalination plant in the South East Asian region upon completion.
- The CEO of Va Tech Wabag’s India Cluster, Shailesh Kumar, expressed his satisfaction with the historic and prestigious order.
- Va Tech Wabag’s share price was trading at Rs. 354.45 as of 09:16 hrs on the BSE, up by Rs. 17.90 or 5.32%, and the share price has touched a 52-week high of Rs. 374.90 and a 52-week low of Rs. 220, currently trading 5.45% below its 52-week high and 61.11% above its 52-week low.
Details of VA Tech Wabag Secures New Order:
Va Tech Wabag’s share price witnessed a surge of nearly 6 percent in early trade on March 31, 2023, following an announcement of a massive order secured by the company’s joint venture. As per the reports, Va Tech Wabag and Metito Overseas Limited’s joint venture have received an order worth Rs. 4,400 crore from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) for the 400 million litres per day (MLD) seawater reverse osmosis (SWRO) desalination project.
Under the DBO (design, build, operate) order, Va Tech Wabag will be responsible for the project’s design, engineering, procurement, construction, installation, testing and commissioning of the 400 MLD SWRO desalination plant, and the associated seawater intake system. The project is scheduled to be completed in 42 months, followed by 20 years of Operation & Maintenance (O&M).
The project, which includes Lamella Clarifiers, Dissolved Air Flotation System, Gravity Dual Media Filters, Reverse Osmosis, and Re-mineralization, is aimed at producing clean drinking water to be distributed by CMWSSB to the residents of South Chennai. Upon completion, the desalination plant will be the largest in the South East Asian region, making it a significant milestone for both Chennai and India.
Shailesh Kumar, CEO – India Cluster, expressed his delight, saying, “This is historically the largest ever order for Wabag. I’m extremely happy that we have been awarded this massive, prestigious and important Desalination plant order in Chennai from our trusted customer CMWSSB with whom our association spans over 2 decades now.”
As of 09:16 hrs, Va Tech Wabag’s share price was trading at Rs. 354.45, up by Rs. 17.90, or 5.32 percent on the BSE. The share price had touched a 52-week high of Rs. 374.90 and a 52-week low of Rs. 220 on December 12, 2022, and June 17, 2022, respectively. Currently, the share price is trading 5.45 percent below its 52-week high and 61.11 percent above its 52-week low.
About VA Tech Wabag:
Headquartered in Chennai, VA Tech Wabag is a multinational company that specializes in desalination and water treatment for municipal and industrial users. Originally founded in Breslau in 1924, the company has successfully completed over 6,000 projects and currently operates in over 30 countries.
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