Shares of VA Tech WABAG Ltd rose more than three percent on Monday after the company signed a Memorandum of Understanding (MoU) with Al Jomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East.
The pact is aimed at examining collaborative opportunities in water project development across Saudi Arabia and the broader Middle East region, the pure-play water technology Indian multinational group, said in a filing to the stock exchanges.
The Memorandum of Understanding (MoU) was signed during the India-Saudi Investment Forum held on September 11-12 on the occasion of the G20 Summit, VA Tech WABAG informed the bourse.
Under the partnership, both companies will cooperate on several aspects, including Engineering, Procurement, and Construction (EPC) as well as project development and feasibility assessments for potential water projects.
The partnership will leverage the combined expertise of both firms to address the water challenges in the region.
While AEW will offer critical support concerning local market intelligence, business development, and engagement with potential customers, off-takers, regulators, ministries, lenders and suppliers in the region and VA Tech WABAG will provide technical and commercial expertise required for feasibility assessment and project development.
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"With a historic presence, WABAG is a reliable partner in the Middle East region with developing several large-scale water and wastewater infrastructures," Pankaj Malhan, Deputy Managing Director and Group CEO of WABAG, said.
In June, VA Tech WABAG bagged a project worth Rs 420 crore from a Maharashtra government agency.
Shares of VA Tech WABAG were trading 2.75 percent higher at Rs 476.55 apiece on BSE at 11:46 AM.
(Edited by : Asmita Pant)
First Published: Sept 18, 2023 12:14 PM IST
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