Va Tech Wabag Surges 5% on Winning Rs 800 Crore World Bank Funded Order
By Malvika Gurung
Investing.com -- Shares of the water treatment company Va Tech Wabag (NS: VATE ) surged 5.2% in Friday’s trade and hit an intraday high of Rs 335.95 apiece in the session on winning an order worth Rs 800 crore funded by behemoths including World Bank, and foraying into the Bangladesh market.
Wabag announced on Friday that it has entered Bangladesh with a World Bank and Asian Infrastructure Investment Bank (AIIB) funded Design, Build and Operate (DBO) order worth Rs 800 crore.
The leading pure-play water technology major has received an order for the reconstruction, expansion and operation of Pagla Sewage Treatment Plant (STP) having a capacity of 200 Million Litres/day (MLD) in Pagla, Dhaka, Bangladesh for Dhaka Water Supply & Sewerage Authority or Dhaka WASA.
The project is funded by the aforementioned multilateral funding giants under the Dhaka Sanitation Improvement Project (DSIP).
As per the project’s scope, Wabag will work towards the Operation & Maintenance (O&M) of the order for a period of 60 months, after the design, engineering, supply, construction, installation and commissioning part.
‘The project has the potential to be expanded to 600 MLD in the future, fuelled by the city’s growing needs,’ the company said in an immediate release on March 17.
The unit will conduct its operations based upon the Activated Sludge Treatment Process, where the plant uses green fuel or biogas during the wastewater treatment process, thereby producing green energy required to keep it running while meeting the environmental norms.
“This project was won against international competition based on our technological superiority & competitiveness and is yet another significant milestone for Wabag,” said Arvind Dullu, Regional Business Head, South Asia.
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