Va Tech Wabag Ltd Directors Report.

Dear Members,

The Board of Directors hereby submits its report on the performance of the Company along with the Audited Standalone as well as Consolidated Financial Statements for the Financial Year ended March 31, 2021.

Financial / operational Highlights

Your Company’s financial highlights for the Financial Year ended March 31, 2021 are summarised below:

(in INR crore)


FY 2020–21

standalone Consolidated
Gross turnover (Revenue from operations) 1843 2835
Profit before interest, tax & depreciation (EBITDA) excluding exceptional items 170 219
Profit before tax 98 130
Provision for tax 25 29
Profit after tax attributable to owners of the parent 73 110

Business environment

The year 2020-21 has been volatile and intense for nations globally. The COVID-19 pandemic which started at the fag end of FY 2020, gripped the entire country during the year. There were nationwide lockdowns leading to an abrupt halt of all the key economic activities.

The Government announced several policy measures and stimulus to revive the economy post gradual opening up of economies. It announced INR 20 lakhs crore package under the Atmanirbhar Bharat Abhiyaan in May 2020 to tackle the Covid crisis. RBI also unanimously kept an accommodative stance by keeping the repo rate unchanged at 4% and strengthening the bedrock of macroeconomic stability. The fiscalstimulus under Atmanirbhar Bharat 2.0 and 3.0 is likely to accelerate public investments which will eventually help in boosting the private investment climate going ahead.

(Source: IBEF, IMF Blog), (Source: Fortune India Blog)

Company’s performance

Your Company has a healthy order book of over INR 9,500 crore as on March 31, 2021 (including framework contracts) supported by order intake of INR 1,312 crore.

Total Consolidated and Standalone income, comprising revenue from operations, for the FY 2020 - 21 was INR 2,835 crore and INR 1,843 crore as against INR 2,557 crore and INR 1,746 crore respectively in the previous year.

Consolidated & Standalone Profit After Tax attributable to owners of the parent for the FY 2020-21 was INR 110 crore and INR 73 crore, respectively.

Consolidated & Standalone EPS of the Company for the FY 2020-21 was INR 20.13 and INR 12.57 as against INR 19.30 and INR 10.96 in the previous year.

In terms of Section 134(3)(l) of the Companies Act, 2013, except as disclosed elsewhere in this Report, no material changes or commitments affecting the financial position of the Company have occurred between the end of the Financial Year and the date of this Report.

The revenue and profit for the year has improved compared to previous years performance as our new projects secured in FY 2019 – 20 and FY 2020 - 21 are in execution phase. The revenue from these projects and new orders secured in FY 2020 21 are expected to pick up momentum in FY 2021 – 22.


Taking into account the present liquidity position and COVID-19 situation and the cash required for the business operation and capital investment in Hybrid Annuity Model projects, your Directors have decided to conserve the funds for future and hence have not recommended any dividend for the FY 2020 – 21. transfer to reserves

The Board of Directors of your Company has decided to retain the entire amount of profit in the profit and loss account. Accordingly, the Company has not transferred any amount to ‘Reserves’ for the Financial Year ended March 31, 2021.

share Capital

The Shareholders of the Company by passing the special resolution at the 25th Annual General Meeting (AGM) held on September 23, 2020, approved the issue of equity shares on preferential basis. Pursuant to the Shareholders approval, the Board of Directors of the Company on September 29, 2020, allotted 75,00,000 equity shares of face value of INR 2/- each at

INR 160/- per share (including premium of INR 158/- per share) to the following investors on preferential basis:

Name of the Investors equity shares Category
1. Mrs. Rekha Rakesh Jhunjhunwala 50,00,000 Individual - Public
2. Mrs. Sushma Anand Jain 10,00,000 Individual - Public
Mr. Anand Jaikumar Jain (Joint Holding)
3. M/s. Basera Home Finance Private Limited 15,00,000 Company - Public
totaL 75,00,000

The Company has fully utilized the sum of INR 120 crore raised through preferential issue for the objects as specified in the Notice of 25th AGM dated August 25, 2020. The issued, subscribed and paid up share capital of the Company stood at INR 12,43,80,856/- (Indian Rupees Twelve crore Forty

Three Lakhs Eighty Thousand Eight Hundred and Fifty Six

Only) as on March 31, 2021 consisting of 6,21,90,428 equity shares of face value of INR 2/- each.

Unpaid / Unclaimed dividend - Investor education and protection Fund (IepF)

Pursuant to the provisions of sections 124 and 125 of the Companies Act, 2013 ("the act") read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IepF rules"), any dividend which is unclaimed by a Member(s) for a period of 7 consecutive years have to be transferred to IEPF Authority at the expiry of 7 years within the prescribed time stipulated under the IEPF Rules along with the corresponding shares held by the said Members in the respective Financial Year for which the dividend is unclaimed. The Company has been constantly sending communication and reminder letters, from time to time, to the respective Shareholders whose dividends are unclaimed and due for transfer to IEPF Authority and providing facilitation / support to Shareholders as and when required, to enable them to claim their dividend entitlements before it is transferred to IEPF Authority in accordance with IEPF Rules.

During the year under review, unclaimed dividend for the FY 2012-13 amounting to INR 1,23,151/- pertaining to 381 Shareholders and 213 shares pertaining to 14 Shareholders in respect of whom dividend had remained unclaimed for seven consecutive years have been transferred to IEPF

Authority in September 2020.

Unclaimed dividend for the FY 2013-14 and shares in respect of which dividend has remained unclaimed for the last seven consecutive years as on due date shall become due for transfer to IEPF Authority in August 2021.

The details of Shareholders and their unclaimed dividend / equity shares entitlements / transferred / liable to be transferred to IEPF are uploaded on the Company’s website www. The Shareholders are requested to approach the Company and / or RTA for any support to claim their entitlements, if any.

depository system

The Shares of your Company are tradable in the electronic form only. Your Company has established connectivity with the National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through KFin Technologies Private Limited, the Company’s Registrar and Share Transfer Agent (RTA).

As on March 31, 2021, the Company’s total paid up capital representing 6,21,90,428 equity shares wherein 99.99% of equity shares are held in dematerialised form. To protect the interest of Members, your Company approached Members through various modes of communication and elucidated them about dematerialisation of shares.

Credit rating

During the Financial Year, there was improvement in Credit Rating of the Company. On November 11, 2020,

India Ratings & Research, the Credit Rating Agency, rated the Bank facilities of the Company as "INd a+ with stable outlook."

The said rating has been disclosed to the Stock

Exchanges and this communication is available on the Company’s website under Investor section.

Management discussion and analysis

A detailed analysis of your Company’s performance is discussed in the Management Discussion and Analysis Report which forms part of this Annual Report.

Corporate Governance

Your Company constantly endeavors to follow the Corporate Governance guidelines and best practices sincerely and disclose the same transparently. Your Company has established systems and procedures to ensure that its Board of Directors is well informed and well equipped to fulfill its overall responsibilities and to provide the management with the strategic direction needed to create long term Shareholders value. Your Company has also adopted certain principles / process as part of its Corporate Governance even before mandated by law. Your Company places high emphasis on business ethics and ensures best practices throughout the business cycle.

Pursuant to Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR"), the Report on Corporate Governance for the year under review, is presented in a separate section, forming part of this Annual Report.

Secretary,A certificate confirming compliance of conditions of Corporate Governance, as stipulated under the SEBI LODR, also forms part of this Annual Report. A Compliance

Report on applicable compliances of SEBI Circular, Notifications, and Regulations etc., issued by Practicing Company Secretary was filed with Stock Exchanges in the prescribed format.

Key projects Update

oNe CItY oNe operator – MIssIoN CLeaN For GaNGa proJeCt – INdIa

Your Company is executing INR 1,477 crore worth order secured from State Mission for Clean Ganga – Uttar Pradesh in FY 2019-20 towards Operation, Maintenance and Management of the Sewage Treatment and network infrastructure in the cities of Agra and Ghaziabad for a period of 10 years, expandable for an additional period of 5 years. This is the first initiative across the Country on the "One City One Operator" model. Your Company will manage, operate and maintain 22 Sewage Treatment Plants, 70 Pumping Stations and underground network of over 4,200 kilometers with the objective of providing round the clock uninterrupted operations. Your Company shall also improve, rehabilitate and up-grade facilities related to systems, structures and equipments etc., associated with the Sewage Treatment Plants and underground sewage network systems.

This project will ensure treatment of over 670 MLD in both cities of Agra and Ghaziabad put together, adhering to national treatment standards thus providing cleaner and healthier eco system to the 3 million population of Agra and

Ghaziabad. Your Company is proud to play a significant part in the rejuvenation of river Yamuna, by treating over 80% of the sewage generated in both the cities.

In Agra and Ghaziabad, your Company is taking several steps to implement best practices in operation and maintenance of STP’s and pumping stations, so that sustainable and trouble free operations are achieved.

Your Company has taken several steps to eliminate direct manual intervention in underground sewage network and this is achieved by deploying jetting machines, super sucker machines for desilting and mini jetting for addressing issues in narrow streams. Through these initiatives, your

Company has exhibited compassion and ensured safety of workmen. Your Company is determined to attain Operational

Excellence through reliability, trouble free operations and cost effective solutions.

NaMaMI GaNGe proJeCt – INdIa

a) BUIdCo HaM proJeCt - INdIa

Your Company, a leading Pure Play Water Technology

Indian Multinational Company is executing the largest order under Namami Gange worth INR 1,187 crore secured from Bihar Urban Infrastructure Development Corporation (BUIDCO) under the prestigious National Mission for Clean Ganga (‘NMCG’) Scheme to develop Sewage Treatment Plants (STP) of 150 MLD capacity along with sewerage network of over 453 kilometers in Digha and Kankarbagh zones of Patna, one of the most populous cities on the banks of River Ganga.

This project comprises of a Design, Build and Operate (DBO) scope worth INR 940 crore and Hybrid Annuity scope worth around INR 247 crore. (40% of CAPEX for HAM portion will be paid in form of grant during construction and 60% will be paid as Annuity over 15 years).

Your Company has completed the financial closure of its Hybrid Annuity Model (HAM) project received from BUIDCO. To meet the project debt funding requirement, your Company has partnered with PTC India Financial Services Limited (‘PFS’), a leading green infrastructure finance company which provides a vast array of services to the entities in infrastructure sector while contributing to the sustainable development goals of the country.

Your Company is happy to start this long term partnership with PFS, a leading Financial Institution in the Infrastructure space. With this, your Company has successfully achieved the financial closure of this HAM project within this Financial Year.

In Digha, the scope comprises of designing and building a 100 MLD STP, Interception & Diversion Work, two Sewage Pumping Stations and survey, redesigning & building a new sewerage network of about 300 kilometers. In Kankarbagh, the scope comprises of designing and building a 50 MLD

STP, Flow Diversion Works & all appurtenant structures and survey, redesigning & building new sewerage network of about 150 kilometers. The project is under execution and is in an advanced stage of engineering and construction.

B) KMda HaM proJeCt – INdIa

This KMDA Bally, Arupara, Baranagar project under execution consists of construction of three STPs at Arupara 65 MLD, Bally 60 MLD and at Baranagar 60 MLD, associated pumping system and sewage transmission lines. Your Company will execute the Engineering, Procurement and Construction (EPC’) portion of this project over 24 months followed by O&M of 15 years. This project is being executed by your Company’s SPV namely Ganga STP Project Private Limited. This project is implemented by National Mission for Clean Ganga (‘NMCG’) and Kolkata Metropolitan

Development Authority (‘KMDA’) with financial assistance from World Bank. Your Company has completed the Financial Closure for this Hybrid Annuity Model (‘HAM’) project received from KMDA. The project debt requirement will be funded by a consortium of International Finance Corporation (‘IFC’) and Tata Cleantech Capital Limited (‘TCCL’).

In line with the asset light principle, your Company have signed an agreement with Kathari Water Management Private Limited (‘Kathari Water’), a wholly owned subsidiary of EverSource Capital, fund manager for Green Growth Equity Fund (‘GGEF’) who will be our investment partner in the project. GGEF is established with anchor investment from National Investment and Infrastructure Fund (‘NIIF’) anchored by Government of India and Foreign, Commonwealth & Development Office (‘FCDO’), Government of UK.

The plant is now in advanced stage of engineering, and construction work at site has already commenced. The project with a cumulative wastewater treatment capacity of 187 MLD when completed will contribute to reducing the discharge of untreated sewage into the Holy Ganga from the state of West Bengal by around 15 per cent.

KoYaMBedU ttro proJeCt – INdIa

During the year, your Company has commenced Operation & Maintenance of this 45 MLD Tertiary Treatment Reverse Osmosis Plant in Koyambedu, Chennai, which was inaugurated by then Honorable Chief Minister of Tamil Nadu, Mr. Edappadi K Palaniswami, in November, 2019.

This is one of the largest and technologically most advanced water reuse plants in India. The TTRO plant, with a capacity of 45 MLD, has been designed and built by a consortium comprising your Company and IDE Technologies.

This TTRO plant is a landmark project for the city of Chennai and treats secondary treated water from Chennai Metrowater’s Koyambedu Sewage Treatment Plant into usable industrial grade water. The treated water will cater to water requirements of the industrial hub in South Chennai via a 60 kilometers pipeline, thus releasing potable grade water supply for the people of Chennai and will allow a larger portion of the local potable water sources of nearly 25 MLD of freshwater from Chembarambakkam, to now be diverted for domestic water supply & municipal use. It will reduce fresh water stress to the city while also ensuring industrial water security, leading to economic prosperity.

This project involved supplying & laying of transmission pipe(s) for water to various industries situated in the SIPCOT industrial belt in Irungattukottai, Sriperumbudur & Oragadam.

This Project bagged the Distinction Award under the category of "Wastewater Project of the Year" at the Global Water Awards 2020. The TTRO plant uses a multi-stage treatment scheme and is the first reuse facility in India to use Ozonation for disinfection. The plant will help free up over 16 million m3 of freshwater each year and also helps Chennai becoming the first Indian City to reuse more than 20% of its treated wastewater.

drINKING Water treatMeNt pLaNt IN CoIMBatore – INdIa

This project to design and build a 178 MLD Water Treatment Plant (‘WTP’) at Coimbatore for Tamil Nadu Water Supply And Drainage Board (‘TWAD’) using space saving proprietary Plate Settler technology will treat the water from Bhavani river and be supplied to the newly added areas of Coimbatore. Your Company has also been entrusted with the operational maintenance of the plant for over a period of 10 years. The project would be funded by the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) Scheme.

Construction of this plant is commenced and is expected to be completed by June 2022.

KaNpUr Cetp - INdIa

Your Company is currently executing a INR 520 crore worth order secured from Jajmau Tannery Effluent Treatment As -sociation (JTETA) towards engineering, procurement, construction, operation & maintenance of a 20 MLD Common Effluent Treatment Plant (CETP) along with treated sewage dilution facility for Jajmau leather cluster, Uttar Pradesh. The scope of this Design and Build contract includes design, engineering, supply, erection, construction and commissioning of 20 MLD Common Effluent Treatment Plant over a period of 24 months. The CETP scheme includes pre-treatment, sulphide removal, de-nitrification, two stage extended aeration and tertiary treatment consisting of clarification, quartz filtration and ultra-filtration. The scope also includes setting up a collection and conveyance system, to collect and pump the effluent from various tanneries up to the treatment plant, setting up common chrome recovery unit, to treat chrome tanning effluents by recovering the chrome so that they can be reused in the tanneries and setting up a pilot plant with a zero liquid discharge facility.

The salient features of the project are, effluent from 380 Tanneries will be treated as per the revised norms of Ministry of Environment and will be released for irrigation purpose. The proposed 20 MLD CETP project will have treatment process up to tertiary treatment including Ultra Filtration in Phase-I and an add-on Modular RO system in Phase-II. Spent Chrome liquor collection from each Tannery unit would be transported through tankers to CCRU & the recovered chrome shall be sent through drums or sold. This will ensure that the chrome liquor is uniformly treated from all tanneries. Zero Liquid Discharge (ZLD) based field scale pilot plant with a capacity of 200 KLD is developed for Research and Developmental activities to demonstrate high recovery of water (>95%) and high purity sodium chloride and sodium sulphate salts.

Post successful commissioning, your Company will also

Operate & Maintain the above plants for a period of 5 years.

The construction of this plant will be funded under the prestigious Namami Gange Scheme and the operation & maintenance will be self-financed by JTETA.

MrpL MaNGaLore sWro - INdIa

Your Company is executing INR 467 crore worth order secured from Mangalore Refinery and Petrochemicals Limited (‘MRPL’) towards engineering and construction of a 30 MLD Sea Water Desalination plant expandable upto 70 MLD in Mangalore, Karnataka.

This is the second consecutive desalination order by your Company, after the order in Tunisia, stands testimony to the proven and advanced WABAG Desalination Technologies. The scope of this Design and Build contract includes engineering, supply, erection, construction and commissioning of a 30 MLD Sea Water Desalination plant over a period of 22 months. Your Company is setting up the plant using state-of-the-art technologies, including sea water Reverse Osmosis, brackish water Reverse Osmosis and ultra-filtration systems. The project also includes cross-country piping of 11 Kilometers to deliver the water to MRPL’s refinery. The plant aims to minimise the fresh water dependency of MRPL once completed.

The plant is almost 85% completed, the 11 kilometers cross country pipe line and Sea water intake and out fall is totally completed, rest of the plant is almost 90% completed. The plant is expected to produce desalinated water by Q3 FY 2022. Post successful commissioning, your Company will also be awarded a contract towards Operation & Maintenance of the plant for a period of 10 years.

IpsaCH BIeL sWW - sWItZerLaNd

During the year, your Company has received its biggest ever order towards design and build of Lake Water Treatment Plant from ENERGIE SERVICE BIEL/BIENNE, towards replacing the existing facility which is more than 50 years old, thereby ensuring water security to the city of Biel and Nidau. The plant will be built with state-of-the-art technology that purifies water using a multi-barrier treatment, including Reverse Osmosis. The plant will be executed over a period of 5 years and your Company will deliver the electro-mechanical equipment for all treatment steps as well as the automation, starting with the raw water intake up to the distribution pumps to the network of the municipalities. This order was awarded to your Company based on our technological superiority and the successful implementation of our pilot plant and the associated trust in WABAG Switzerland.

30 MLd Water treatMeNt pLaNt at KasseB - tUNIsIa

During the year, your Company in consortium with local civil partner in Tunisia, secured an order to design and build 30 MLD Water Treatment Plant at Kasseb Dam in Tunisia from Societe Nationale D’exploitation Et De Distribution Des Eaux (‘SONEDE’). The project scope includes Design, Engineering, Construction, Supply, Installation and Commissioning of WTP using advanced Inclined Plate Lamella clarifier technology. The project funded by KfW, will be executed over a period of 20 months. The project also includes Operation & Maintenance of the plant for a period of 6 months.

Your Company is delighted to receive this prestigious order amidst the ongoing global pandemic. This repeat order from SONEDE, further consolidates your Company’s position in the market, and strengthens our customer relationship.

FraMeWorK order - 30 MLd tHerMaL desaLINatIoN pLaNt at BoMBa - LIBYa

During the year, your Company has signed a repeat contract with General Desalination Company of Libya (‘GDCOL’) to design and build 3 Thermal seawater desalination – Multi- Effect Distillation (MED) plants in Bomba, Libya.

The scope of the contract includes design, supply, construction, installation, commissioning, training of the Customer’s operating personnel and spare parts for 24 months plant operation.

The project comprises three Thermal Desalination lines and three steam boiler plants that will produce 30 MLD of drinking water from seawater and is an extension of the existing MED plant complex. This plant will provide drinking water capacity for more than 3,00,000 people in the region. This order is the largest thermal desalination plant order in the history of your Company. This contract will be activated for execution upon receiving of L/C from the customer.

This project, with a value of more than EUR 60 million, will contribute significantly to your Company’s European operations. Furthermore, it reaffirms the decision to remain committed to our technologies and competences for thermal desalination in developing geographies and thus contribute to the improvement of quality of life in the region.

300 MLd INdepeNdeNt seWaGe treatMeNt pLaNt (Istp) at NeW JeddaH aIrport - KINGdoM oF saUdI araBIa

Your Company a leading Pure Play Water Technology Indian Multinational Company has secured 48 million USD (approx. INR 360 crore) order to execute the 300 MLD (Million Litres per Day) Jeddah Airport 2 Independent Sewage Treatment Plant (ISTP) Project at Jeddah, Kingdom of Saudi Arabia. This is a repeat order for your Company in the Kingdom of

Saudi Arabia secured through Saudi Services for Electro Mechanical Works Company (‘SSEM’). This plant, designed to treat 300 MLD is expandable to 500 MLD of wastewater treatment, will be built by your

Company with the state-of-the-art NEREDA technology for the first time in the region, a sustainable and cost-effective wastewater treatment technology that purifies water using the unique features of aerobic granular biomass for Saudi Services for Electro Mechanical Works Company (‘SSEM’).

The project is progressing well amid global pandemic climate and has achieved approval of basic engineering package. Detailed engineering and ordering is moving in full swing and construction activities by client has also commenced.

Your Company is extremely delighted to be part of the Kingdom’s Vision 2030 that encourages private sector participation in achieving its economic development goals. In partnership with SSEM, your Company is happy to develop this sustainable wastewater infrastructure with the latest technology to be deployed for the first time in the region. This project will further expand your Company’s growing footprint in the Middle East region.

poLGaHaWeLa proJeCt – srI LaNKa

Your Company is executing its second major Integrated Water Supply Project for National Water Supply and Drainage Board in Polgahawela, Sri Lanka, funded by EXIM

India under buyer’s credit facility. This project covers design, construction and commissioning of the water supply system.

In this project, Engineering is completed and finishing works of water retaining structures and other civil works are in progress. All major equipment have been delivered and the transmission and distribution pipe laying have progressed well and are in full swing with multiple contractors at site across multiple locations. At the moment, the Project construction Progress is 85% completed and is expected to Commission by March 2022.

JUBaIL stp proJeCt – saUdI araBIa

This STP project in the Kingdom of Saudi Arabia is to design and build a large scale Sewage Treatment Plant, capacity 120 MLD, for Jubail Industrial City for a total contract value of around half a billion Saudi Riyals equivalent to approx.

USD 126 million.

This STP project in Saudi Arabia being implemented for MARAFIQ, is progressing well and has achieved engineering and ordering completion. Even in the tough ongoing environment of pandemic globally, most of the items are delivered to site and few balance are in advance stage of manufacturing. Site Civil works have progressed well with utmost focus on HSE where the project has achieved major milestone of 4 Mn safe man-hours. Focus now is on expediting the Mechanical, Electritical, Instrumentation, Control and Automation (‘MEICA’) works to start completion activities by year end.

soUtH doHa proJeCt – Qatar

This EPC project from Pubic Works Authority (ASHGAL) is for rehabilitation of South Doha Sewerage Treatment facility using clarification, filtration and aerobic digestion technologies to treat additional sewage which will be generated from the football stadium which is under construction for the FIFA world cup 2022. This breakthrough EPC order includes rehabilitation of the existing plant while simultaneously operating it till the plant is constructed for new capacity.

In this project, detailed engineering is completed, all long lead items have been ordered and delivered to site. Seven sections out of total Twenty-three sections are handed over. Non-process unit rehabilitation work is completed and have been handed over. Process unit’s rehabilitation work is progressing well and going smoothly in sync with Client’s operations team requirement. Civil works for new units Digesters, Side Stream Filtration unit, Bulk Chemical storage completed and MEICA works also have progressed significantly.

Zarat proJeCt – tUNIsIa

This project from SONEDE is to Design and Build a 50 MLD Sea Water Desalination plant in Tunisia, expandable upto 100 MLD. The project is a DBO contract, funded by KfW Germany and will be built using State of Art Sea water Reverse Osmosis with energy recovery system. The project has progressed well with engineering and order nearing completion, civil works at site in full swing, equipment deliveries and installation commenced, MEICA items deliveries to site commenced with majority of items are at advanced stage of manufacturing completion. Intake and outfall pipes delivered to site.

aMas stp proJeCt – BaHraIN

Your Company was awarded the EPC scope of the 40 MLD

Sewage Treatment Plant and long sea outfall in October 2015 by Ministry of Housing, Kingdom of Bahrain to cater to a population of approx. 100,000 (close to 16,000 units). The project was funded by Abu Dhabi Fund for Development.

The EPC project cost was approx. 34.74 million Bahraini

Dinar. The project was successfully completed on 31st October 2018, post which your Company through its Bahrain Joint Venture entity has been operating and maintaining this plant for Ministry of Works, Bahrain (MoW).

During this year, the MoW awarded a long term 5-year O&M contract towards operation, maintenance and management of the Madinat Salman STP. This plant is a model that showcases an optimum solution to the wastewater treatment needs of not only Bahrain region but also to the entire GCC region as such.

Despite the pandemic situation the plant has been operating 24x7 producing close to 6500 million litres of TSE water catering to the irrigation requirements of Madinat Salman City.

During the year 2019 - 20, your Company received "The Distinction Award under Wastewater Project of the Year" for this project from Global Water Intelligence (GWI) and "GCC winner water project of the year", "GCC winner sustainability medal" and "GCC winner engineering achievement of the year" for this project from Middle East Economic Digest (MEED).

petroNas rapId etp proJeCt – MaLaYsIa

The Malaysian Petronas Rapid Project is completely operational now including the sludge management system.

This effluent treatment plant forms part of the largest grass root refinery in the world and will provide a significant reference for your Company.

During the year, your Company was bestowed with "BEST WATER TREATMENT PROJECT INDUSTRIAL" for this project.

INdoraMa FertILIZer proJeCt deMIN pLaNt at port HartCoUrt – NIGerIa

During the year, your Company has successfully commissioned the 250m3/hr x 2 streams Demin water plant at Indorama Fertilizer in Nigeria consisting of Degassification system Counter current regenerated strong acidcation exchanger followed by Counter current regenerated strong baser Anion Exchanger, followed by Mixed bed Exchanger, producing ultrapure quality Demin water consisting of 0.1 Microsiemens Conductivity and the silica less than 10 ppb feeding High pressure Boilers. This is a repeat order from Indorama fertilizers. Five years back, your Company also supplied a 3 stream 150 m3/hr (3x150) Demin plant which working satisfactorily till date. adB FUNded seWaGe Water treatMeNt sYsteM IN GUHesWorI – NepaL

Your Company has successfully commissioned and completed even DLP period at 36.40 MLD STP with Power Generation system. This plant was set up on Design, Build and Operate plant with a 36.40 MLD Raw sewage Water Intake treated through advanced activated sludge Process and the treated water put back to Baghmati River. The sludgeproducedistreatedthroughDigestorandthenwithgas generation with Power generation system which is self-sufficient for running the plant with Zero power intake from the grid.

This plant is now moved for Operation and Maintenance contract and will be operated by your Company for next ten years.

daNGote reFINerY (dorL) LaGos - NIGerIa

Your Company is executing INR 700 crore approx. worth order from Dangote Refinery and Petrochemicals Limited (‘DORL’) towards engineering and procurement of a 4000m3/hr Raw Water Treatment which includes Sequencing Batch Reactors, Duel Media

Pressurized Filters followed by Ultra-filtration and Reverse Osmosis Plant (500m3/hr x 8 units) along with effluent treatment plant followed by tertiary Reuse UFRO plant and a Demineralizing and Condensate polishing plant to feed Refinery plant in Lagos, Nigeria. Plant is in Advanced stage of construction and is expected to go on stream by March 2022.

The plant treats lake water which is high in suspended solids and little BOD and COD converting this water into suitable for cooling tower make up and for other fertilizer plant and part of the water is treated through Demin plant to meet High pressure Boiler requirement in Refinery.

The plant is setup on Design, Build (on engineer, procure, supervise, erection and commissioning basis) and will use technologies such as ultra-filtration and Reverse Osmosis to get industrial grade water. The treated water will cater to water requirements of one of the largest refinery (20MMTPA) in Africa. This will be a First effluent recycle and reuse plant by your Company on a foreign soil.

The Equipment supply for the plant is almost 85% completed and the erection work is at full swing at site and is expected to commission by end March 2022.


The emergence of a global pandemic at the end of the FY 2019–20 changed the way people lived and did business, all over the globe. The resultant lockdowns imposed by Governments across the globe to mitigate its spread affected many countries, industries and livelihood.

Your Company committed itself to nation’s fight against

COVID-19 and confronted the situation by focusing on two key priorities – ‘safeguarding health and well-being of its people and ensuring business continuity to meet consumer needs’. Your Company, being a Pure Play Water Technology Indian Multinational Company, engaged in the water technology solutions across globe, ensured supply of water, treatment of wastewater /sewage for the society despite this Pandemic situation.

Your Company have ensured continuous O&M activities during this pandemic situation, thanks to the local government(s) / authorities for providing us support.

In addition, in collaboration with the Client(s), specific permissions / relaxations from the regulatory and other local authorities were obtained at certain highly critical construction sites to continue the work during lock-down.

Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD1/

CIR/P/2020/84 dated May 20, 2020, your Company has filed necessary disclosures with Stock Exchanges.

As reports of the spread of Coronavirus started coming in, your Company stepped up efforts to protect the health of its employees. The following measures were put in place to protect our employees’ health:

As the number of COVID-19 cases grew in the country, your Company announced ‘Work from Home’ for all office-based employees from March 24, 2020

Special ‘Work from Home’ guidelines were implemented

Employees were also provided computer hardware and necessary IT support to ensure business as usual even during the lockdown

The Company implemented a phased and safe return-to-work plan as and when lockdown restrictions were relaxed

Suspended the biometric attendance system across all locations & Switched to access card based attendance system

Periodical self-declaration by Employees with respect to their health and travel

Encouraged employees to have digital meetings wherever required, instead of Physical Meetings

Health check-up of all Direct and Indirect Staff/ Employees were done at all locations on daily basis

High contact areas like elevator buttons, door handles, handrails, bathroom taps etc. were sanitised at regular intervals

Employees were offered assistance with hospitalisation treatment and mediclaim facilities, in case of any COVID-19 related emergency

Several employee related initiatives were implemented including Yoga and Meditation Sessions for mental health of employees and Zoom Chatter Sessions wherein employees were encouraged to share their experiences of working from home

Wearing of masks was made mandatory Please refer our MD&A section and Financial Statements in this Annual Report for more details on COVID-19 situation including steps taken by your Company.

Business responsibility report

Your Company is committed to pursuing its business objectives ethically, transparently and with accountability to all its stakeholders. Your Company is conscious of its impact on the society within which it operates, and has systems to eliminate or control any adverse impacts of its operations. Fulfilment of environmental, social and governance responsibility is an integral part of your Company in its business.

As stipulated under the SEBI LODR, the Business

Responsibility Report, describing the initiatives taken by the Company from environmental, social and governance perspective forms part of this Annual Report. The Report provides an overview of initiatives taken by your Company.

policies of the Company

Your Company is committed to continuously review and update statutory policies and codes, in compliance with the changes prescribed under law from time to time. During the FY 2020-21, certain statutory policies and codes were amended by the Company in line with the changes mandated under amendment to SEBI LODR. Some of the key policies adopted by your Company are as follows:

Name of the Policy / code and links for viewing it:

Code of conduct for Prevention of Insider Trading, POSH policy etc., are available on the Company’s intranet portal.

directors & Key Managerial personnel

As on date of this report, majority of the Board comprises Independent Directors. WABAG, being a professionally managed Company, is functioning under the overall supervision of 4 Independent Directors including Independent Board Chairman & Independent Woman Director, 1 Non-Executive Non-Independent Director and 2 Executive Directors. The changes in Director & KMP’s position from April 01, 2020 till the date of this report, are as follows:

1. Ms. Vijaya Sampath (DIN:00641110), appointed as an

Independent Woman Director w.e.f. July 31, 2020

2. Mr. Ranjit Singh (DIN:01651357), appointed as an Additional Director in the category of Independent Director w.e.f. November 11, 2020

3. Mr. Amit Goela (DIN:01754804), appointed as an Additional Director in the category of Non Executive

Non - Independent Director w.e.f. July 19, 2021

4. Mr. Anil Chandanmal Singhvi (DIN:00239589), was appointed as an Additional Director in the category of Independent Director of the Company on July 31, 2020 and he tendered his resignation from the said position w.e.f. August 21, 2020

5. Mr. Sandeep Agrawal, Chief Financial Officer & Key Managerial Personnel resigned with effect from the closing working hours on June 07, 2021

6. Mr. Skandaprasad Seetharaman, appointed as Chief Financial Officer & Key Managerial Personnel of the Company w.e.f. June 08, 2021

7. Mr. Arulmozhi, appointed as Chief Financial Officer India Cluster & Key Managerial Personnel of the Company w.e.f June 01, 2021.

During the year under review, Mr. Bhagwan Dass Narang Independent Director and Chairman of the Board retired from the Board consequent to completion of his two consecutive terms as an Independent Director of the Company. The Board of Directors have placed on record its sincere appreciation for services rendered by him during his term as an Independent Director and Chairman.

Your Company has been benefited under his leadership with various innovative ideas, decision making, strategic thinking and most valuable, his tireless efforts to increase the credibility, and visibility of your Company as an Indian MNC with global recognition offering advanced technologies at competitive pricing and presence over 20 countries in the Pure Play Water Sector and many more. His continuous involvement, guidance and support as a leader of our Group, made us to achieve various milestones, recognitions and rewards besides overcoming difficult times and challenges easily.

During the year under review, Ms. Revathi Kasturi, Independent Director of the Company retired from the Board consequent to completion of her two consecutive terms as an Independent Director of the Company. The Board of Directors have placed on record its sincere appreciation for the services rendered by her to the Company during her tenure as an Independent Director.

As Chairperson of Nomination and Remuneration Committee, her active and timely involvement in the various decision have made us to get right candidates both at the management and at the Board level and also helped us to bring in various initiatives and new methods and monitoring mechanisms to improve the productivity of the employees and helped the organisation to achieve its goals.

retirement by rotation and subsequent re-appointment

In accordance with the provisions of the Act read with the Rules made thereunder, SEBI LODR and the Articles of Association of the Company, the Independent Directors and the Managing Director of the Company are not liable to retire by rotation.

In order to comply with the provisions of Section 152 of the Act read with rules issued thereunder, Mr. S Varadarajan, (DIN:02353065) Whole-Time Director & Chief Growth Officer, who was appointed by the Members of the Company at the 23rd AGM held in 2018 for a period of 5 years, has to be considered to retire by rotation at the ensuing Annual General Meeting (AGM) and he being eligible, offers himself for re-appointment. A brief profile of Mr. S Varadarajan is given in the Notice dated July 19, 2021 convening the 26th AGM of the Company. The Board of Directors of your Company recommends his re-appointment.

Independent directors

Your Board at their meeting held on November 11, 2020, on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Ranjit Singh (DIN:01651357) as an Additional Director in the category of Independent Director of the Company and also recommended his appointment as an Independent Director for the approval of the Members of the Company at the ensuing AGM to hold office for a period of 3 consecutive years from November 11, 2020 up to November 11, 2023. Your Company has received requisite notice in writing from the Member proposing his candidature. The brief profile of Mr. Ranjit Singh (DIN:01651357) along with other requisite information have been outlined in the Notice dated July 19, 2021 convening the 26th AGM of the Company.

Non – executive Non – Independent director

Your Board at their meeting held on July 19, 2021, on the recommendation of the Nomination and Remuneration Committee, approved the appointment of Mr. Amit Goela (DIN:01754804) as an Additional Director in the category of Non Executive Non - Independent Director of the Company and also recommended his appointment as Non - Executive Non - Independent Director for the approval of the Members of the Company at the ensuing AGM to hold office for a period of 3 years from July 19, 2021 upto July 19, 2024, who shall be liable to retire by rotation.

Your Company has received requisite notice in writing from the Member proposing candidature of Mr. Amit Goela.

The brief profile of Mr. Amit Goela (DIN:01754804) along with other requisite information have been outlined in the Notice dated July 19, 2021 convening the 26th AGM of the Company.

declaration of Independence by Independent directors

Your Company has received declaration from all Independent Directors, confirming that they meet the "Independence criteria" laid down under the Section 149(6) of the Act and Regulation 16(1)(b) of SEBI LODR. In addition, they maintain their maximum limits of Directorships as required under SEBI LODR.

Board’s opinion on integrity, expertise and experience

(including the proficiency) of the Independent Directors appointed during the year

During the year under review, Ms. Vijaya Sampath, Independent Woman Director and Mr. Ranjit Singh, Additional Director in the category of Independent Director, were appointed on the Board. Ms. Vijaya Sampath is a person of high integrity and has been a lawyer for over 35 years. She is an Independent Director on the Board of listed and unlisted companies in IT, manufacturing, branded luggage, power, pharmaceuticals and auto component sectors. She has been working both as in-house counsel for large Indian conglomerates and Multinational Companies and also been the corporate law partner in renowned national law firms, J Sagar Associates and a senior partner with Lakshmikumaran & Sridharan. Ms. Vijaya Sampath holds a graduate degree in English literature and law and is a fellow member of the Institute of Company Secretaries of India. She has attended the Advanced Management Program in Harvard Business School and the Strategic Alliances Program conducted by the Wharton Business School.

Ms. Vijaya Sampath is an advisor of the corporate law committee in FICCI and works with industry on regulation and policy relating to company law. She has written articles lectured / been a speaker at various forums on women in professions, governance, ethics, law and practice.

Mr. Ranjit Singh is a person of high integrity and has over 30 years of experience in Industrial Management in Indian, International and Multicultural business environment. His core strengths include Corporate Growth and Turnaround Strategy and its implementation. He worked as Managing Director, Kalpataru Power Transmission (an Infrastructure Company) and Global COO & Board member of Polyplex Corporation Limited (4th Largest Polyester Film manufacturer in World). As a transformational leader he was significantly responsible for globalisation and profitable growth of the companies that he led. He is also a member of Board of Governors of IIM Jammu. He is based in Delhi and is deeply involved in the Start-up ecosystem and Strategy advisory space.

Directors,With regard to proficiency testascertained from the online proficiency conducted by the institute, as notified under Sub-Section (1) of Section 150 of the Act, the Board of Directors have taken on record the declarations submitted by Independent Directors that they have complied with the same.

Key Managerial personnel (KMp)

The KMP of your Company as on March 31, 2021 as per

Section 203 of the Act, are as follows: Mr. Rajiv Mittal, Managing Director & Group CEO Mr. S Varadarajan, Whole - Time Director & CGO Mr. Pankaj Sachdeva, CEO - India Cluster Mr. Sandeep Agrawal, Chief Financial

Mr. R Swaminathan, Company Secretary

Subsequent to the close of the financial year, Mr. Sandeep Agrawal, Chief Financial Officer & Key Managerial Personnel of the Company, resigned from the closing working hours on June 07, 2021. Mr. Skandaprasad Seetharaman was appointed as Chief Financial Officer & Key Managerial Personnel of the Company w.e.f. June 08, 2021 and

Mr. Arulmozhi was appointed as Chief Financial Officer India Cluster & Key Managerial Personnel of the Company w.e.f June 01, 2021.

Board diversity

The Company recognises and sets out the approach to have diversity on the Board of the Company in terms of thought, knowledge, skills, regional and industry experience, cultural and geographical background, perspective, gender, age, ethnicity and race in the Board, based on the laws / regulations applicable to the Company and as appropriate to the requirements of the businesses of the Company. Your Company strongly believes that a truly diverse Board will ensure effective corporate governance, responsible decision making ability, sustainable business development and moreover Company’s reputation. The Nomination and Remuneration Committee sets out the approach to diversity of the Board of Directors.

Board & performance evaluation

In accordance with the provisions of the Act and

SEBI LODR, the Nomination and Remuneration Committee and the Board have laid down the manner in which formal annual evaluation of the performance of the Board, Committees, Individual Directors and Chairman has to be made.

Pursuant to the provisions of the Act and the SEBI LODR, the Board carried out an annual evaluation of its own performance and its Committees as well as performance of all the Directors individually. The response was sought by way of an organised questionnaire which covers various aspects of the functions of the Boards adequacy, culture, execution and delivery of performance of specific duties, obligations and Governance and the evaluation was carried out based on responses received from the Directors.

A separate exercise was carried out by the Nomination and Remuneration Committee of the Board to evaluate the performance of Individual Directors. The performance evaluation of the Executive Directors and the Board as a whole were carried out by the Independent Directors at their Meeting held during FY 2020-21. The performance evaluation of the Chairman of the Board of Directors of the Company was also carried out by the Independent Directors as a whole, taking into account the views of the Executive

Directors. The Report on Corporate Governance forming part of this Annual Report covers details of the evaluation process and other requisite information.

Familiarisation programme

As part of Familiarisation Programme, your Company takes many initiatives, such as: A formal letter of appointment is issued to Directors when inducting into the Company capturing their role, function, duties & responsibilities and expectation of Board, giving the Directors full opportunity to interact with Senior Management Personnel and providing them with all the documents / information sought by them to have a good understanding of the Company, its business and various operations and the industry of which it is a part, Conducting various programmes, session and seminars for the Directors, from time to time, to update them with various aspects covering the industry including the business process, procedures, laws, rules and regulations as applicable for the business of the Company, making presentations on the business areas of the Company including business strategy, risk opportunities, quarterly performance of the Company, etc.

Details of the Familiarisation Programme are explained in the Report on Corporate Governance and are also available on the Company’s website at link

appointment of directors

The Nomination and Remuneration Committee has formulated the criteria for appointment of Director on the

Board of Directors of the Company and makes necessary recommendation to the Board. Pursuant to section 134(3)(e) and section 178(3) of the Act, the Nomination, Evaluation &

Remuneration Policy lays down the criteria for determining qualifications, positive attributes and independence of a Director. Also, in accordance with the provisions of the

Act and SEBI LODR, the Nomination and Remuneration

Committee on the basis of performance evaluation report of Directors, recommends to the Board on extension or continuation of the term of appointment of Independent Directors from time to time.

Board & Committees

The Board of your Company comprises of 4 Non-Executive Independent Directors, 1 Non - Executive Non - Independent Director and 2 Executive Directors. Your Company maintains the highest standards of Corporate Governance practices and is in compliance with the requirements of the relevant provisions of applicable laws and statutes.

As on date of this report, the Board has 6 Committees viz.

a) stakeholders relationship Committee inter - alia to look into various matters relating to the security holders of the Company,

b) Nomination and remuneration Committee with wider terms of reference as per the statutory requirements,

c) Corporate social responsibility Committee inter - alia, to undertake CSR activities, monitoring and reporting system for utilisation of funds for the CSR activities,

d) risk Management and Monitoring Committee inter - alia to review and monitor the various projects of the Company from time to time and evaluate the risks existing in the business and ensure appropriate mitigation measures in a time bound manner,

e) overseas Investment Committee inter - alia, to scrutinise, evaluate and approve any new / enhancement in the investment by the Company in setting up a branch / subsidiary / joint venture entities, in India or overseas and periodically monitor that the investments made in such group entities are used for such approved purpose so as to ensure that return on investment to the Company are protected in the long run. Please refer page no. 53 of this Annual Report for investment made by Company in ODI entities.

f) audit Committee which acts as an interface between the statutory and internal auditors, the Management and the Board of Directors. It assists the Board in fulfilling its responsibilities of monitoring financial reporting processes, reviewing the Company’s established systems, governance and processes for internal financial controls and reviews the Company’s statutory and internal audit processes.

The recommendations made by the Committee are accepted by the Board. As prescribed under section 177(8) of the Act, the Audit Committee of the Board was re-constituted on July 19, 2021 and comprises four Independent Directors and one Executive Director viz., Mr. Milin Mehta, Chairman of the Committee, Mr. Malay Mukherjee, Mr. Ranjit Singh, Ms. Vijaya Sampath and Mr. Rajiv Mittal, Members of the Committee.

A calendar of Board and Committee Meetings is circulated to the Directors well in advance. During the year, your Board met 9 times through Video Conferencing / other Audio Visual Means on July 31, 2020, August 25, 2020, September 15, 2020, September 29, 2020, November 11, 2020, February 11, 2021, February 17, 2021, March 25, 2021 and March 30, 2021. The details regarding composition, attendance of the Directors and other relevant information are set out in the Report on Corporate Governance which forms part of this Annual Report. The Meetings of each of these Committees are convened by the respective Chairperson, who also apprises the Board about the summary of discussions held at their Meetings. The Minutes of the Committee Meetings are sent to all Members of the Committees individually for their approval / comments as prescribed in Secretarial Standards-1. The approved Minutes are circulated to the Members after incorporating the comments, if any, through the software / Email and tabled the same at the subsequent Board Meetings.

directors responsibility statement

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134 of the Act: that in the preparation of the annual accounts of the

Company, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

that they had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year and of the profit of the Company for that period; that they had taken proper and sufficient care towards the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

that they had prepared the annual accounts on a going concern basis;

that they had laid down internal financial controls are adequate and operating effectively; and

that they had devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

remuneration policy

Your Company designed its remuneration policy with the objective to assess the effectiveness of the Board as a whole, Committees of the Board and Individual Directors on regular basis and to attract, motivate and retain the Directors, Key Managerial Personnel, Senior Management Personnel and other expert Individuals, that the Company needs, in order to achieve its strategic and operational objectives. The Remuneration policy is based on various evaluation criteria determined by the Nomination and Remuneration Committee in line with the requirements of law.

In accordance with the relevant provisions of the Act and SEBI LODR, the following Policies / Framework have been adopted by the Board upon recommendation of the Nomination and Remuneration Committee as part of Nomination, Evaluation & Remuneration Policy:

Board Nomination Policy

Policy for appointment & removal of Director, Key Managerial Personnel and Senior Management Personnel

Board Evaluation Policy

Board Diversity Policy

Policy related to Remuneration for the Executive Directors, Key Managerial Personnel & Senior

Management Personnel either in physical

Policy related to Remuneration for the Non - Executive

Directors / Independent Directors

The Nomination, Evaluation & Remuneration Policy of the Company is available on the website of the Company The information on Director’s Commission and other matters provided in Section 178(3) of the Act has been disclosed in the Report on Corporate Governance. The overall limit of remuneration payable to the Board Members and Managerial Personnel are governed by provisions of Section 197 of the Act and rules made thereunder. executive directors

Remuneration of the Executive Directors consists of fixed component and a variable performance incentive.

The Nomination and Remuneration Committee makes annual appraisal of the performance of the Executive Directors based on a detailed performance evaluation and recommends the compensation payable to them, within the which parameters approved by the Members, to the Board for their approval.

Non-executive directors

The Non-Executive Directors are paid remuneration in the form of Commission subject to overall ceiling limits prescribed under the Act. The Board can determine different remuneration for different Directors on the basis of their role, responsibilities, duties, time involvement etc. The Company has no pecuniary relationship with Non-Executive Directors except commission being paid to them.

KMp / senior Management / other employees

The remuneration of Key Managerial Personnel (other than

Executive Directors), shall be approved by the Board and any revision thereof, shall be done as per the compensation and appraisal policy of the Company which consists of fixed and variable component including salary, benefits, perquisites, provident fund, etc. The Managing Director & Group CEO and Whole-Time Director & CGO will apprise the Board / Nomination and Remuneration Committee on the performance evaluation of senior management / other employees made by them on the basis on achievement of KPI & KRA and they will be paid remuneration / any revision thereof.

policy on preservation & archival of documents

As per Regulation 9 read with Regulation 30(8) of the SEBI LODR, your Company has framed a Policy on "Preservation & Archival of the Documents" with the intention to provide guidelines for the retention of records, preservation of relevant documents for such duration after which the documents shall be archived and safe disposal / destruction of the documents. The policy inter-alia aids the employees formin handling the documents efficiently or electronic form. The Policy not only covers the various aspects on preservation, but also archival of documents. This policy is available on the Company’s website

employees stock option scheme (esop)

Your Company do not have any existing ESOP Scheme.

particulars of employees

Disclosures with respect to the remuneration of Directors, KMP and employees as required under section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, are enclosed as annexure I to the Board’s Report.

Details of employee remuneration as required under provisions of section 197(12) of the Act, read with Rules 5(2) & 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time are available to any Member on request. Such details are also available on the Company’s website

Industrial relations

Your Company maintained healthy, cordial and harmonious industrial relations at all levels. The enthusiasm and unstinted efforts of employees have enabled your Company to remain at the leadership position in the industry. It has taken various steps to improve productivity across organisation.

policy on prevention of sexual Harassment at Workplace

Your Company maintains a collaborative, inclusive, non-discriminative and safe work culture, and provide equal opportunities to all employees. Your Company has a ‘Zero Tolerance’ policy towards sexual harassment at the workplace. The Company has a Prevention of Sexual

Harassment policy in place in line with the requirements of the POSH.

Your Company has constituted Internal Compliant

Committee under the Sexual Harassment of Women at

Workplace (Prevention, Prohibition and Redressal) Act, 2013

("POSH"). It comprises 6 Members, majority being Women Members including one external women representative.

All permanent, consultant, contractual, temporary, trainees are covered under this Policy.

During the year under review, no complaint for Sexual

Harassment was received by the Company. Pursuant to Section 21 of the Sexual Harassment of Women at

Workplace (Prevention, Prohibition and Redressal) Act, 2013 the Internal Compliant Committee has duly submitted the Annual Report at the end of the Calendar Year i.e. December 31, 2020 comprising details of complaints received, disposed off and pending.

a. statutory auditors

M/s. Sharp & Tannan, Chartered Accountants, Chennai (Firm Regn No: 003792S) was appointed by the Members of the Company at the 23rd AGM held on August 10, 2018 as the Statutory Auditors of the

Company to hold office for a term of 5 years from the conclusion of the 23rd AGM until the conclusion of the 28th AGM of the Company to be held in the calendar year 2023.

The Statutory Auditors of the Company have submitted their report for FY 2020-21 and is forming part of this Annual Report. The Auditor’s Report on Standalone and Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2021, does not contain any qualification, reservation or adverse remark.

B. Cost auditor

Pursuant to the provisions of the Section 148(1) of the Act, your Board of Directors had appointed Mr. K Suryanarayanan, Practicing Cost Accountant (Membership No.24946) as Cost Auditor of the Company, for conducting the audit of costs records for the FY 2020-21. The audit of cost records is in progress and report will be filed with the Authority within the prescribed period in accordance with the Act and relevant rules made thereunder. A proposal for ratification of remuneration of the Cost Auditors for the

FY 2020-21 will be placed before the Members of the

Company at the ensuing AGM for ratification / approval.

The cost records, as applicable to the Company are maintained in accordance with the sub-section (1) of Section 148 of the Act.

C. secretarial auditor

Your Board had appointed Mr. M Damodaran of M Damodaran & Associates LLP, Practicing Company Secretaries (COP: 5081), to undertake the Secretarial

Audit of the Company for the FY 2020-21. The Secretarial Audit Report placed before the Board does not contain any qualification, reservation or adverse remark. The Report of the Secretarial Auditor is enclosed as annexure II to the Board’s Report.

Your Board has appointed Mr. M Damodaran of

M Damodaran & Associates LLP, Practicing Company Secretaries (COP: 5081), as Secretarial Auditor of the

Company for the FY 2021-22.

d. Internal auditors

Your Board had appointed M/s PKF Sridhar &

Santhanam LLP, Chartered Accountants, Chennai, (FRN - 003990S/S200018) as Internal Auditors of the Company to conduct the Internal Audit for the FY 2020-21. The Internal Auditors reports directly to the Audit Committee and makes comprehensive presentations at the Audit Committee meeting(s) on the Internal Audit Report covering the business areas required by the Audit Committee, from time to time.

Your Board has appointed M/s PKF Sridhar &

Santhanam LLP, Chartered Accountants, Chennai as Internal Auditor of the Company for the FY 2021-22.

The Statutory Auditors, Cost Auditor, Secretarial Auditor and Internal Auditors of the Company have not reported any frauds to the Audit Committee or to the Board of Directors under Section 143(12) of the Act, including rules made thereunder.

subsidiaries, Joint Ventures & associates

Duringtheyearunderreview,yourCompanyhasincorporated one subsidiary in India i.e. Kopri Bio Engineering Private

Limited on November 27, 2020.

During the year: a) As part of its restructuring, your Company has disinvested its entire stake of 70% in Wabag Operation

& Maintenance WLL, Bahrain, to local partner and the share transfer and other formalities have been completed on August 13, 2020. b) VA Tech Wabag Brazil Servicos De Agua E Saneamento

Ltda, Brazil, the Company’s subsidiary was liquidated. The subsidiary was not a material subsidiary and did not have any business activity. c) Your Company has invested INR 4,10,000 in

Equity Shares and INR 8,69,90,000 in Compulsorily

Convertible Preference Shares (Series A CCPS) of Ganga STP Project Private Limited, wholly owned subsidiary. d) During the year 2021 - 22, your Company further invested INR 1,00,00,000 in Compulsorily Convertible Preference Shares (Series A CCPS) of Ganga STP Project Private Limited, wholly owned subsidiary on April 29, 2021. Please refer project update on page no. 42 of Board’s Report for more details on same. Your Company has 18 subsidiaries, 3 associates and 2

Joint Venture Entities as on March 31, 2021. Pursuant to

Section 129(3) of the Act, a statement containing the salient features of the Financial Statement of our subsidiaries in the prescribed format AOC - 1 is enclosed as annexure III to the Board’s Report.

Material subsidiaries

The Board of Directors of your Company has approved a

Policy for "Determining Material Subsidiaries" in accordance with the SEBI LODR. The Policy has been revised w.e.f. April 1, 2019 in accordance with the amendments made to the SEBI LODR. The policy is also made available on your Company’s website

In accordance with the provisions of SEBI LODR and Policy for Determining Material Subsidiaries, your Company has one Material Subsidiary i.e. VA Tech Wabag GmbH, Austria, as on the date of this report.

Consolidated Financial statements

The Consolidated Financial Statements of the Company for the Financial Year ended March 31, 2021 are prepared in compliance with the applicable provisions of the Act including

Indian Accounting Standards specified under Section 133 of the Act. The Audited Consolidated Financial Statements together with the Auditors’ Report thereon form part of this

Annual Report.

Pursuant to the provisions of Section 136 of the Act, the Financial Statements of the Subsidiaries, Associates and Joint Venture entities of the Company are available for inspection by the Members at the Registered Office of the Company. Your Company shall provide a copy of the Financial Statements of its Subsidiary companies to the Members upon their request. The statements are also available on the website of your Company at under Investors Section.

related party transactions

During the year under review, your Company has entered into transactions with Related Parties as defined under Section

2(76) of the Act all of which were in the ordinary course of business and at arm’s length basis and in accordance with the provisions of the Act and the SEBI LODR.

There were no materially significant Related Party

Transactions entered into by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. The details of the same are given in the notes to Financial Statement.

The Related Party Transactions were placed before the Audit Committee for their review, consideration and approval / recommendation and then placed before the Board for suitable noting / approval. Amended policy on dealing with Related Party Transactions is available on the Company’s website The details as required to be provided under Section 134(3)(h) of the Act, in the prescribed format AOC-2 is enclosed as annexure V to the Board’s Report. overseas direct Investment

Your Company, over the years has expanded its global reach through Overseas Direct Investments (ODI), through

Subsidiaries, Associate & Joint Venture Entities. As of March 31, 2021, the aggregate financial investments in such ODIs amount to INR 156.82 crore as against INR 297.51 crore as of last year. Out of such overseas investments, a very substantial component of investment comprises guarantees/ non-funded exposure for various projects, which as of March 31, 2021 amounted to

INR 129.73 crore (82.73% of total financial exposure). The funded exposure of the Company in ODI for the same period consists of equity investments of INR 25.30 crore

(16.13% of total financial exposure) and loans amounting to INR 1.79 crore (1.14% of total financial exposure). Your

Company has not provided any loan to its ODI entities during the year.

Your Company has been benefitted from these ODIs in the form of export / other earnings.

The benefits generated by the Company from its overseas entities are substantial considering its relative meagre funded investment in such ODI entities. During the FY 2020-21, the Standalone revenue of the Company included revenue from overseas projects amounting to INR 924 crore as against INR 746 crore last year. The aggregate operational revenue generated by the Group during the FY 2020-21 through Company’s overseas entities and exports out of India aggregated to INR 1,853 crore which is 65% of overall consolidated revenue of INR 2,835 crore.

Corporate social responsibility (Csr)

During the year, the Ministry of Corporate Affairs amended the Companies (Corporate Social Responsibility Policy) Rules, 2014 ("Csr rule") incorporating certain changes in the CSR aspects.

Some of the key aspects of the amended CSR Rule are as follows:

The Board now has to consider and approve the recommended projects (by CSR committee) and also monitor the same.

The Board has to approve the annual action plan and monitor the implementation of the CSR programme in addition to the review done by CSR committee.

The Chief Financial Officer of the Company needs to certify that the money committed and used, has been spent for the CSR projects and not for any other purpose.

The details of the projects committed, and the amount are to be disclosed in the annual report and the website of the Company. The said amendments have come into effect from January 22, 2021. Your Company allocated a limit equivalent to 2% of the average net profits of its three immediately preceding

Financial Years for implementation of CSR activities as per the Act. During the year under review, your Company spent a sum of INR 140.91 lakhs towards CSR projects implementation.

Your Company being engaged in Water business, as part of its CSR policy and guiding principles, would always prefer to take up CSR projects relating to water, waste water management and sanitation, which should be closer to establishment viz., offices or project sites to help the local community. Since 2014, the Company committed for some long term projects and based on the project progress the Company would pay on demand by the implementing agencies. Apart from the small projects with a few implementing agencies, the Company also entered into multiyear program with NABARD and BRLF. During the year, the partnership related to Tamil Nadu Watershed project with NABARD, has been terminated by NABARD, as they preferred to fund the projects on its own funding as per their recent guidelines. Your Company had entered into a Memorandum of Understanding (MoU) with Bharat Rural Livelihoods

Foundation (BRLF), an Independent non-profit society set up by the Government of India under the Ministry of Rural

Development for implementing watershed project in six districts in West Bengal. The key objective behind this CSR investment by your Company is to leverage the MGNREGA funds which will have wider impact in terms of end beneficiaries, i.e. poor farmers and tribals in West Bengal.

Your Company committed a sum of INR 250 lakhs spread over a period of 4 years. Out of this, your Company so far paid a sum of INR 148.64 lakhs and there are no pending payments payable at the year end, since, CSR grant liability would arise as and when the project progress/milestones completed. Considering the recent amendments in CSR Rules, Policy and other factors, the Board took a decision not to carry forward the earmarked limit and to treat BRLF as an only "ON-GOING PROJECT".

Pursuant to the provisions of section 135(6) of the Companies Act, 2013, the Board decided to transfer unspent amount of INR 89.09 lakhs towards the On-going BRLF Project to a special account called as Unspent Corporate Social Responsibility Account (UCSRA).

Further, during the year, your Company implemented the following CSR projects –(i) Water Conservation through Open Well Rejuvenation at Tamil Nadu (ii) Usharmukti project at West Bengal

(iii) Online National Quiz for Ganga Quest for the year gone by

(iv) Environmental Awareness program at Chennai

(v) Decentralized Waste Water Treatment Plant and Recycling at Low Income Housing Colony, Warangal, Telangana.

During the Financial Year 2020-21, the Company has contributed an amount of INR 140.91 lakhs, the details of which are given in the Annexure IV to this report and the unpsent amount of INR 89.09 lakhs pertaining to FY 2020-21, was transferred to the Unspent Corporate Social Responsibility Account, in compliance with the amended CSR Rule, which has come into effect from January 22, 2021. The details of the aforesaid projects are covered in the annual report on our CSR activities forming part of this Board’s Report.

The CSR Committee of the Board has been constantly reviewing the projects and gives directions to expedite implementation of the projects undertaken.

Your Company’s CSR Committee comprises

Ms. Vijaya Sampath (Chairperson) (DIN:00641110), Mr. Amit Goela (DIN:01754804), Mr. Rajiv Mittal (DIN:01299110) and Mr. S Varadarajan (DIN:02353065).

The Committee is responsible for formulating and monitoring the CSR policy of the Company. This policy is available on the Company’s website in the following link: Pursuant to Section 135(4) of the Act, the major contents of CSR policy include your Company’s CSR approach and guiding principles, core Ideology, total outlay for each

Financial Year, allocation of resources & thrust areas, formulation of annual action plan, Executing Agency / Partners and Impact assessment.

Core Ideology: For WABAG, responsible business practices include being responsible for our business processes, engaging in responsible relations with employees, customers and the community. Hence, for the Company, Corporate Social Responsibility goes beyond just adhering to statutory and legal compliances, and creates social and environmental value while supporting the Company’s business objectives and reducing operating costs and at the same time enhancing relationships with key stakeholders and customers.

Your Company’s commitment to Csr will be manifested by investing resources in one or more of the following areas:

Eradicating hunger, poverty and malnutrition, promoting preventive health care & sanitation and making available safe drinking water; Promoting education, including special education and employment enhancing vocation skills especially among children, women, elderly and the differently-abled and livelihood enhancement projects; Promoting gender equality, empowering women, setting up homes and hostels for women and orphans, setting up old age homes, day care centers and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;

Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal Welfare, agro-forestry, conservation of natural resources and maintaining quality of soil, air and water; Protection of national heritage, art and culture including restoration of buildings and sites of historical importance and works of art; Contribution to any fund set up by the Central Government for socio-economic development, disaster relief and for any other purpose for which these funds are allocated and utilized; Contribution of funds provided to technology incubators located within academic institutions which are approved by the Central Government for CSR purposes; Rural development projects; Setting up facilities related to pandemic illnesses like COVID-19, health infrastructure for COVID care, establishment of medical oxygen generation and storage plants’, ‘manufacturing and supply of Oxygen concentrators, ventilators, cylinders and other medical equipment for countering pandemics’.

The annual report on our CSR activities is enclosed as annexure IV to the Board’s Report. particulars of Loans, Guarantees or Investments

Pursuant to provisions of Section 186 of the Act and Schedule

V of the SEBI LODR, the details of loans, guarantees and investments, as on March 31, 2021, are given in the notes to the Financial Statements of the Company.

Internal Control / audit & its adequacy

Your Company has built robust control system upon which the internal controls are built to mitigate the risks. Under the control environment; Company’s policies, procedures & standards are developed to uphold control across the organisation. Adequate internal controls are in place to commensurate with business and operating dynamics. Internal controls are designed to provide reasonable assurance over:

1. Achieving strategic objectives

2. Efficiency and effectiveness of business operations

3. Prevention and detection of frauds and errors

4. Safeguarding its assets

5. Complying with applicable laws and regulations

6. Providing reliable financial information

Your Company has independent internal audit agency, spearheaded by industry veterans & process experts.

Audit Committee of the Board periodically reviews the audit function and key issues are acted upon immediately. Key controls are periodically reviewed and improvements are made to enhance the reliability of information. The Company through its global ERP, continues to align its processes and controls with industry best practices.

Internal Control over Financial reporting

The Act, re-emphasises the need for an effective Internal Financial Control system in the Company which should be adequate and shall operate

and material orders passed by theeffectively.

1. The internal financial controls within the Company are commensurate with the size, scale and complexity of its operations. and material orders passed by

2. Audit Committee of the Board periodically reviews the internalauditplansandobservations/recommendations of Internal & Statutory Auditors.

3. The controls were tested during the year and no reportable material weaknesses.

4. Your Company continuously tries to automate these controls to increase its reliability.

5. Your Company follows accounting policies which are in line with the Indian Accounting standards notified under Section 133 of the Act read with Companies (Indian Accounting Standard) Rules 2015. These are in accordance with Generally Accepted Accounting Principles (GAAP) in India.

6. Your Company’s Books of Accounts are maintained in

IFS and transactions are executed through IFS setups to ensure correctness / effectiveness of all transactions, integrity and reliability of reporting.

7. Your Company has a mechanism of building budgets at an integrated cross- functional level. The budgets are reviewed on a monthly basis so as to analyse the performance and take corrective action, wherever required.

8. Overseas subsidiaries provide required information of consolidation of accounts in the format prescribed by your Company along with certification from respective entity auditors.

risk Management

Your Board has constituted a dedicated Committee viz. "Risk

Management and Monitoring Committee" to review risks trends, exposure, its potential impact analysis and mitigation plans. The Committee consists of 4 Directors out of which 2 are Independent Directors. The details on your Company’s risk management framework / strategy, risk assessment, risk acceptance, risk avoidance, risk mitigation, risk review etc. forms part of Management Discussion and Analysis Section of this Annual Report.

awards & recognitions

During the year under review, your Company received numerous awards and accolades conferred by reputable organisations, distinguished bodies and clients for achievements in CSR, sustainable solutions, project completion etc.

Please refer this Annual Report for the details of the rewards and recognition achieved by the Company globally during this year.

Significant or courts or tribunals impacting the going concerns status and Companys operations in future theThere are no significant regulators or courts or tribunals impacting the going concern status and Company’s operations in future. other disclosures deposits: During the year under review, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Act, read with the Companies (Acceptance of

Deposits) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force);

Contracts or arrangements with related parties: Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Act, in the prescribed Form AOC-2 is enclosed as annexure V to the Board’s Report; annual return: In accordance with Section 134(3)(a) read with section 92(3) of the Act, an extract of the annual return in the prescribed format is available on the Company’s website in the following link:; secretarial standards: The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board and General Meetings;

Conservation of energy: The information on conservation of energy, technology absorption and foreign exchange earnings and outgo as stipulated under Section 134 of the Act, read with the Companies (Accounts) Rules, 2014, is enclosed as annexure VI to the Board’s Report;

differential rights: The Company has not issued equity shares with differential rights as to dividend, voting or otherwise;

Nature of Business: During the year under review, there was no change in nature of business of the Company or any of its subsidiaries.

Health, safety and environmental protection (Hse)

Your Company is committed to providing a safe, healthy and conducive environment to all of its employees & associates and complied with labour related laws. The details of quality, health, safety, environment initiatives, objectives and achievements made by the Company are detailed in the Management Discussion and Analysis section of this Annual Report.

sustainability Initiatives

Sustainability is a key mantra for your Company. Globally, your Company is actively involved in providing sustainable solutions for the future that are eco-friendly and renewable in nature. Your Company’s contribution towards sustainability is constantly driving in nature as is reflected throughout this report and forms an integral part of our business.

Whistle Blower policy / Vigil Mechanism

Pursuant to the Act and SEBI LODR, your Company has formulated a Whistle-Blower Policy which serves as a mechanism for its Directors, Employees, Business

Associates and other Stakeholders to report genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Code of Conduct without fear of reprisal. The vigil mechanism consists of a dedicated email-id. Any Director, Employees, Business Associates and other Stakeholders who becomes aware of an unethical behaviour or fraud or violation of code shall report to the

Ethics Committee for redressal as provided in the policy.

The Audit Committee of the Board oversees the functioning of this policy. The policy is available on the website of the Company

Green Initiatives

WABAG stands for sustainability and has showcased its commitment to creating a green earth for over 9 decades. WABAG’s vision is aligned to the United Nations SDGs

2030 and this has been reflected in the Group’s numerous initiatives as highlighted below:

1. Green Initiatives begin at home: Over 97% of the total power requirement of our headquarters in Chennai is derived from wind energy, thereby bringing down energy cost by 10% as well as becoming a part of green energy compliant corporate. It is in recognition of this initiative that our headquarters, WABAG HOUSE, has been certifiedas a platinum rated green building by

IGBC. Other initiatives taken by your Company are as follows:

Paper Waste is being sent to ITC for recycling and the proceeds obtained in the form of stationery being distributed to local panchayat schools.

Battery, Oil Waste and E-Waste being disposed for recycling through Pollution Control Board authorized recycler.

Employee friendly initiatives like ergonomics, indoor air quality and Lum level are maintained as per standards.

Conservation on Energy and Water Management have resulted in low Energy and Water Performance Index.

Introduction of E Tender process for sourcing materials in our procurement function as a step towards digitization.

2. digitisation: Moving forward on its commitment towards a Greener Planet for future generations and in furtherance of digitisation commitment to Go-Green initiative of the Government, the Company started using digital mechanism to conduct Board/ Committee Meeting(s) as per the provisions of law and as part of this step, circulating the agenda, notes and other supporting documents of the Board / Committee meetings through a secured electronic platform for ease of access to Directors for their review and consideration, thereby reducing usage of papers to a limited purpose.

Your Company took various initiatives to reduce the usage of physical Annual Reports by continuously persuading the Members to get registered their email ids with their respective DPs to avail the e-version of Annual Reports and providing e-voting facility to all its Members to enable them to cast their votes electronically on all resolutions set forth in the Notice.

3. Breathing life into lifelines: Clean water and rejuvenated rivers are key to enhancing the Green cover on Planet Earth. Your Company has been playing an integral role and ensuring this by collaborating with Governments worldwide. In India particularly, your Company has emerged as one of the foremost partners of the Government in rejuvenating India’s lifeline, River Ganga under the world’s largest river cleaning program Namami Gange.

4. Contributing to a Circular economy: a. Your Company emerged as a pioneer in promoting resource recovery at wastewater plants in India over 15 years ago – Green Power Generation from Kodungayur Wastewater Treatment Plant, Chennai. The plant has the distinction of completing maximum hours of gas engine run time and producing over 70,000 Mwh of green power till now. "IMAGINE THE SAVINGS ON GRID

POWER WHICH IS PRIMARILY DRIVEN BY HIGH POLLUTION THERMAL GENERATION!!" b. Your Company stands true to its presence in a sunrise sector. It executed a sewage treatment plant in Sanliurfa, Turkey wherein the sludge drying component was powered by solar energy. c. Your Company has been instrumental in making

Chennai, the southern metropolis of India, the first city in South India to reuse over 20% of its treated wastewater. Recently, your Company installed one of the largest and technologically most advanced water reuse plants in Chennai at Koyambedu with a potential to prioritize over 16 million m3 of freshwater every year for domestic consumption. Similar plants with an eye for circular economy and rejuvenating the world’s natural resources have been executed by your

Company over the last 25 years, summing up to around 50 plants with a total capacity of over 2000 million litres every day. d. Your Company believes in creating a clean, green and circular ecosystem (land, air and water) around us for the wellbeing of nature and humanity. Your Company has been focusing on resource recovery at wastewater treatment plants and recently, forayed into Zero Liquid Discharge systems (ZLD) which is evolving into a regulatory requirement and hence, portends very high potential for the business. Primarily, most of the sewage treatment plants wherein the treated sewage after meeting the national standards is discharged to river and the sludge which is generated from sewage is used for further digestion generating biogas thereafter producing clean power to be used for plant operation thus ensuring minimal/nil power requirement used from Grid which is powered primarily by thermal power plants and the sludge is converted into manure for Horticulture / Agriculture. Plants are in operation at JICA funded WWTP in Dinapur, Varanasi,

Uttar Pradesh, JICA funded K&C Valley WWTP in

Bangalore, and Karnataka and in an ADB funded WWTP at Guheswori, Nepal etc.

With respect to Industrial effluents,for most of the plants, your Company is advising for high quality effluent treatment followed by recycle and reuse of the effluent. This contributes to first, savings of limited freshwater sources which can be used for domestic and industrial sector and second, ensuring water security for the industrial facilities. In some instances, WABAG has helped recover up to 90% of usable water from treated effluents. A few of such marquee projects are set-up in:

- Reliance - Jamnagar,Dahej and Hazira, Gujarat

- IOCL Refineries - Panipat, Paradip and for Nayara (formerly ESSAR Oil)

Currently your Company is executing Zero liquid discharge plant located in NMDC, Nagarnar, which is a land locked area. In this project, after recovery of 90% water, balance water is treated through evaporators, thus ensuring Zero Liquid Discharge which contributes a great deal environmentally. e. In water scarce areas in the coastal areas, your

Company has continued on its rich legacy of being a leader in desalination and has continued setting up Desalination plants (for Reliance in Jamnagar, for Adani in Mundra, for MRPL in Mangalore, for CMWSSB in Nemmeli, Chennai Tamil Nadu, for SONEDE in Tunisia. In all these projects, a recovery of approx. 45% is achieved with latest energy recovery systems and the concentrated brine is diffused and discharged consciously into the sea at a good distance from the shore without disturbing marine and fisheries requirements.

WABAG has been recognized for promoting a drinking water model for coastal India by its excellence of setting up desalination projects.

Your Company has a dedicated R&D team and is constantly tracking all global developments in the field of desalination with the support of a CTO for desalination. Your Company’s desalination systems factor environmental consensus with integration of clean technology, energy efficient systems with possibility of integrating renewable power in line with the Company’s vision aligned to UN SDGs 2030 and Kyoto Protocol’s Clean development mechanism.


Your Board of Directors place on record their sincere gratitude and appreciation to all the employees at all levels for their hard work, solidarity, cooperation and dedication during the year. Your Board conveys its appreciation to its Customers, Members, Suppliers, Bankers, Business Associates, Regulatory and Government Authorities for their continued support.

For and on behalf of the Board of directors
Malay Mukherjee rajiv Mittal
Chairman Managing Director & Group CEO
(DIN: 02861065) (DIN: 01299110)
July 19, 2021 New Delhi Chennai