Shares of VA Tech Wabag Ltd rose 5% to hit a day’s high of Rs 1,672.10 on 24th July, after the company announced it had received a letter of award worth Rs 2,332 crore from Saudi Arabia for a 300 million litre per day (MLD) mega seawater desalination plant in Yanbu.

VA Tech Wabag stated that the project involves designing, engineering, supplying, constructing, and commissioning a 300 MLD seawater desalination plant. This plant will be on Saudi Arabia’s west coast. Moreover, the plant will be built on a greenfield site.

The Saudi Water Authority issued the letter of award. Contracting formalities will begin soon, and the project’s execution will officially start after the contract is signed. The project is expected to be completed within 30 months from the date specified.

“We’re proud to have won this major project not once, but twice,” said Rohan Mittal, Head of Strategy and Business Growth for GCC.

Notably, in December 2024, VA Tech Wabag’s earlier Rs 2,700 crore desalination project in Saudi Arabia was cancelled. The cancellation was due to internal administrative reasons, as informed by the Saudi Water Authority.

At 12:28 PM, the shares of VA Tech Wabag were trading 0.39% higher at Rs 1,599.20 on NSE.

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