VA Tech Wabag forays into solar PV space with ₹1,000 Crore order

15 Oct 2024 , 02:42 PM

On Tuesday, October 15, VA Tech Wabag Ltd. announced a ₹1,000 Crore order from Indosol Solar Pvt. Ltd.

The order covers the design, engineering, supply, installation, testing, and commissioning of the 100 MLD desalination plant over a 38-month period, followed by a 15-year operation and maintenance contract.

This deal will be implemented over 38 months and will be developed using cutting-edge desalination technology for Indosol Solar’s 10 GW integrated solar PV manufacturing facilities in Andhra Pradesh. 

This big order signals WABAG’s entry into the Solar PV industry, which is a critical segment for the future,” stated Saravanan Krishnan, Head of Desalination for the India cluster at VA Tech Wabag.

The company has won its second order in the last week. On October 10, it stated that it had received significant repeat orders from Reliance Industries Ltd. for water treatment systems at its sites in Dahej and Nagothane. 

VA Tech Wabag considers orders between ₹300 Crore and ₹500 Crore as “large” orders.

Following these two recent orders, the corporation has yet to specify the amount of its overall order book. The management expected the order book to reach ₹16,000-17,000 Crore by the end of the year.

At around 2.36 PM, VA Tech Wabag was trading 0.37% higher at ₹1,678.25 per piece, against the previous close of ₹1,672 on NSE. The counter touched an intraday high and low of ₹1,744.20, and ₹1,675.15, respectively.

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