Shares of VA Tech Wabag Ltd shot up 13% on Monday, 10 February, after the company announced securing a significant order worth $371 million in Riyadh. 

In its regulatory filing, the company said that they had received an order worth $371 million (Rs 3,251 crore) for engineering, procurement and construction of a 200 MLD Independent Sewage Treatment Plant along with connections to outfall delivery facilities from Al Haer Environmental Services Company. 

This ISTP is being developed by a consortium led by Miahona Company, along with Marafiq and N.V. Besix S.A., for its off-taker, the Saudi Water Partnership Company (SWPC). In a statement, VA Tech Wabag highlighted that SWPC serves as the primary off-taker for water and wastewater projects across Saudi Arabia.

The project aligns with Saudi Arabia’s ‘Vision 2030’, which focuses on ensuring reliable sewage treatment services and enhancing the quality of life for residents in the Kingdom.

Sivakumar V, regional head of sales and marketing at VA Tech Wabag, said, “We are extremely happy to secure this 200 MLD Independent Sewage Treatment Plant order from our existing client. We express our gratitude to Miahona Company, Marafiq, Besix Group and SWPC for their trust and confidence in WABAG. This state-of-the-art technology order is a testament to our technologically superiority and commitment to delivering high-quality solutions worldwide. This order marks another significant milestone for us in Saudi Arabia and reinforces our leadership position in the Middle East Region.”

The EPC consortium for this project includes VA Tech Wabag and Mutlaq Al-Ghowairi Contracting Company (MGC). VA Tech Wabag will serve as the technology partner and lead the EPC consortium, overseeing the design and construction of the 200 MLD Independent Sewage Treatment Plant. Meanwhile, MGC will be responsible for laying transmission pipelines and building reservoirs.

Earlier this year, VA Tech Wabag secured an Engineering and Procurement (EP) order for a 20 MLD Industrial Wastewater Treatment Plant (IWWTP) at the Ras Tanura Refinery Complex in Saudi Arabia, with Miahona Company serving as the project developer.

At 3:30 pm, the shares of VA Tech Wabag closed 1.34% higher at Rs 1,385 on NSE.

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