VA Tech Wabag announced today morning that it has secured an order worth about $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 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 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.
Following this news, the stock price in the morning opened with a positive bias at Rs.341, up 2% and went up further to Rs.349, up 4.5% and is now ruling at Rs.339 levels.