Shares of Va Tech WABAG Ltd. surged as much as 10% on Thursday after the company-led consortiunm bagged an order worth 215 million Tunisian Dinars (about €63 million or approximately ₹555 crore) for a drinking water treatment plant in Tunisia.
The order was secured from Societe Nationale D'exploitation Et De Distribution Des Eaux (SONEDE), the pure-play water technology firm said in a filing to the stock exchanges.
As a part of the project, Va Tech WABAG will be engaged in design, engineering and supply of electromechanical equipment, including modern and compact lamella clarifiers, installation and commissioning of the plant followed by a one year operation and maintenance.
The project will be executed with Va Tech WABAG as leader of the consortium while consortium partner Entreprise Gloulou Mohamed et Salem (EGMS) will be responsible for all civil works.
Funded by the French Development Agency (AFD) and European Investment Bank (BEI), the project will be completed within 30 months. This will be followed by the operation and maintenance of the plant for 12 months, the company stated.
"WABAG, with this large water treatment project continues its contribution to water security in the African continent," Guhan Kandasamy, Head of Marketing – Africa, Va Tech WABAG said.
In September, Va Tech WABAG inked a Memorandum of Understanding (MoU) with AlJomaih Energy and Water (AEW), a developer of energy and water projects in the Middle East.
The pact was signed during the India-Saudi Investment Forum held on September 11-12 on the occasion of the G20 Summit.
Shares of VA Tech Wabag are trading 6.4% higher at ₹508.25. The stock is trading near to its 52-week high of ₹545 and has surged nearly 50% so far in 2023.
(Edited by : Hormaz Fatakia)
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