Shares of VA Tech Wabag Ltd surged over 2% in early trade on Thursday after the company announced a major international order from the Saudi Water Authority (SWA) for a large-scale desalination project in Yanbu, Saudi Arabia. As of 9:15 AM, the shares were trading 2.82% higher a Rs 1,638.00.
The project, valued at USD 272 million (equivalent to SAR 1,019 million or approximately ₹2,332 crore), involves the design, engineering, supply, construction, and commissioning of a 300 Million Litres per Day (MLD) Sea Water Reverse Osmosis (SWRO) desalination plant.
This greenfield project will be developed on Saudi Arabia’s west coast and is expected to be completed within a 30-month timeline from the effective date, which will be confirmed following the formal signing of the contract.
In its exchange filing, the company clarified that the project is a purely international order, and does not involve any related party transactions. Furthermore, neither the promoters nor group companies of Wabag have any interest or shareholding in the awarding authority.
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