Stock Report

Mr. Rajiv Mittal to be redesignated as Chairman cum MD and Group CEO of VA Tech Wabag Ltd

Posted On : 2022-03-26 17:47:23( TIMEZONE : IST )

Based on the recommendation of Nomination and Remuneration Committee and considering the rich and vast experience of Mr. Rajiv Mittal, Managing Director & Group CEO, the Board of Directors ("Board") of VA Tech Wabag Ltd at their meeting held today i.e. the March 26, 2022 has appointed him as an Executive Chairman with immediate effect and accordingly he will be re-designated as Chairman cum Managing Director & Group CEO.

Mr. Rajiv Mittal has more than 37 years of experience in the water industry. He is a graduate in Chemical Engineering from the University of Bombay and has been the Managing Director of the Company since 2000. He has previously worked with Wabag Water Engineering Limited, UK as a Deputy Director (International Sales). Mr. Rajiv Mittal was instrumental in carrying out the management buyout and led the Management team in successfully completing the reverse acquisition of WABAG Group from Siemens in 2007 (erstwhile parent Company).

Mr. Rajiv Mittal has advocated sustainable use of water; leveraging alternative sources of water such as sea water and used water; efficient waste water treatment, water recovery and reclamation. With a special focus on sustainability, he has also been very vocal in promoting advanced technologies for water and wastewater treatment solutions for municipalities and industries at an affordable price both in India and abroad.

Mr. Rajiv Mittal is a Corporate Member of the International Water Association as well as Indian Desalination Association ("IDA") and has been bestowed with lifetime achievement award (2015) by IDA.

His vision and foresight have seen the Company evolve from being an Indian subsidiary of a German entity to a true Indian multinational with a presence across four continents and more than 20 countries along with three R&D centers in Austria, India and Switzerland and over 100 IP rights.

Mr. Rajiv Mittal was also presented with the Professional Excellence Award 2018 by the Consulting Engineers Association of India in July 2019, in recognition of his outstanding professional career.

Mr. Rajiv Mittal has been recognised amongst the World Top 20 Most Transformative Leaders in Water Sector by the Global Water Intelligence for his work towards transforming WABAG from startup Company to a globally respected Indian Multinational Corporation and was also ranked amongst Top 100 CEOs of India and 4th in the Infra & Engineering Sector by BT-PWC (2018).

Mr. Rajiv Mittal has been recognized as "Global Asian of the Year 2021 - 22" by AsiaOne Magazine for his 3 decades of dedication to the water industry.

Shares of VA Tech Wabag Limited was last trading in BSE at Rs. 285.40 as compared to the previous close of Rs. 289.90. The total number of shares traded during the day was 36165 in over 1288 trades.

The stock hit an intraday high of Rs. 294.45 and intraday low of 284.65. The net turnover during the day was Rs. 10392671.00.