VA Tech Wabag updates on AGCC Russia Project; Stock up marginally

26 Apr 2022 , 11:33 AM

Va Tech Wabag Ltd has informed to the exchanges regarding AGCC Russia Project. The Company has secured an Engineering and Procurement (‘EP’) order from Amur Gas Chemical Complex LLC., (‘AGCC’) in Russia in August 2021.

Further, the project has been progressing well and based on the progress achieved, the Company has invoiced and collected USD 21.61 Million, updated VA Tech Wabag in a filing.

In addition, “Considering the current geo-political uncertainty in the region, the customer has communicated a suspension of further activities of the said project. We will continue to engage in discussions with the customer, to periodically evaluate the situation and await resumption of work”, it further added.

At around 11:36 AM, Va Tech Wabag was trading at Rs300.45 apiece up by Rs1.05 or 0.35% on the BSE.