VA TECH WABAG ('WABAG'), a leading pure-play water technology Indian Multinational Group, has secured an order worth about USD 100 Million towards engineering and procurement activities in relation to 120 Million Gallons Per Day (MiGD) Hassyan Sea Water Reverse Osmosis ('SWRO') in the United Arab Emirates ('UAE'). The order was secured from Green EPC (a Utico FZC subsidiary) who is the prime EPC contractor for this 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 ('IWP') 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 and shall be the largest IWP in Dubai.
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. This project supports the vision of HE Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote the sustainable development of Dubai.
Commenting on this major order win, Mr. 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."
Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 334.10 as compared to the previous close of Rs. 335.30. The total number of shares traded during the day was 12130 in over 835 trades.
The stock hit an intraday high of Rs. 337.80 and intraday low of 332.40. The net turnover during the day was Rs. 4054219.00.